TOP NEWS: Average UK house price at record high in November - Halifax

(Alliance News) - UK house prices continued to climb in November boosted by a shortage in ...

Alliance News 7 December, 2021 | 7:58AM
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(Alliance News) - UK house prices continued to climb in November boosted by a shortage in available properties, figures from Halifax showed on Tuesday.

On an annual basis, the Halifax UK house price index rose by 8.2% in November, the same pace as in October. However, the latest reading missed the market forecast, cited by FXStreet, for a 9.4% increase.

UK house prices rose 1.0% month-on-month in November, also the same pace as in October. This print beat the market estimate of 0.6%.

The average UK house price stood at a fresh record high of GBP272,992 in November, up from GBP270,184 in October.

"The performance of the market continues to be underpinned by a shortage of available properties, a strong labour market and keen competition amongst mortgage providers keeping rates close to historic lows. Those taking their first step onto the property ladder are also playing an important role in driving activity, with annual house price inflation for first-time buyers at 9.1% compared to 8.8% for homemovers," explained Russell Galley, managing director at Halifax.

"Looking ahead, there is now greater uncertainty than has been the case for quite some time, with interest rates expected to rise to guard against further increases in inflation. Economic confidence may be also be dented by the emergence of the new Omicron virus variant, though it remains far too early to speculate on any long-term impact, given insufficient data at this stage, not to mention the resilience the housing market has already shown in challenging circumstances."

By Arvind Bhunjun; arvindbhunjun@alliancenews.com

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