House prices reach new record

The latest LSL house price index reveals average house prices in November have reached the record high of £238,839.

Prices were up £1,400 from October and were up £11,219 from November 2012. Increases were seen across all regions of the UK for the second consecutive month.

The survey predicts that by the end of the year sales are set to be up 16% from 2012.

David Brown, commercial director, LSL Property Services, said: “The housing market is almost unrecognisable from twelve months ago.”

He continued: “Competition is strong through rising demand and supply of new instructions not growing , a factor that will continue to prop up prices in the long term.

“Confidence is higher throughout the market, with the Help to Buy scheme and record low interest rates contributing to the positivity.

“Over the second part of this year, consumer confidence has snowballed as the economic picture improves, leading to a significant rise in sales.”

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