UK house prices registered their strongest three-month growth in 15 years in November, boosted by demand for a limited supply of housing stock, low mortgage rates and a strong labour market.
The average price of a UK property hit a record high of £273,000 last month, according to the mortgage provider Halifax. The value of homes rose 1 per cent from October, 8.2 per cent higher than in the same period last year.
“The performance of the market continues to be underpinned by a shortage of available properties, a strong labour market and keen competition among mortgage providers keeping rates close to historic lows,” said Russell Galley, managing director at Halifax.
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