House prices up 9% year on year

House prices have risen 9% for the three months to November compared to the same three months last year, according to the latest figures from Halifax.

Prices have also risen 1.4% in the last three months compared to the three months before.

However prices have fallen slightly month to month, with prices in November down 0.2% on October. The rise of 9.0% is also slightly less than the 9.7% year on year figure reported in October.

According to Halifax the average price of a property is now £204,552.

Mark Ellis, Halifax’s Housing Economist said: “House prices in the three months to November were 1.4% higher than in the previous three months. This was the smallest rise on this measure since December 2014. The annual rate eased from 9.7% in October to 9.0%.

“Solid economic growth, rising real earnings and falls in already very low mortgage rates have combined to stimulate housing demand this year.

“The increasingly acute imbalance between supply and demand is causing prices to rise at a robust pace. A situation that is unlikely to reverse significantly in the short-term.”

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