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.
In the three months to November, house prices registered a 3.4 per cent increase compared with the previous quarter, the fastest pace since 2006.
Nationally, average property prices rose sharply despite continued weakness in the London housing market, as people in the capital looked to move to bigger and less…