Average house prices in England and Wales rose by 3.9 per cent in November, compared to October, and were up 1.1 per cent on the year, according to the Haart National Housing Market Monitor.
The estate agent’s report found the average house price in England and Wales was £231,085 in November.
New buyer demand for homes fell by 6.5 per between October and November, says Haart, while the number of properties coming onto the market rose by 1 per cent, although this figure was down by 7.5 per cent compared to November last year.
The average purchase price for first-time buyers fell by 9.3 per cent month on month to £177,794 in November while the number of FTBs entering the market fell by 2.4 per cent in that time.
In London, the average property price rose by 4 per cent on the month, but fell 0.8 per cent compared to the same month last year.
The number of new buyers entering the market fell by 8 per cent on the month but the number of new instructions has risen by 15.2 per cent.
Haart chief executive Paul Smith says: “It is encouraging to see a surge in London property market activity in the weeks since the Chancellor’s Budget announcement – 14 per cent more buyers have put their property on the market than last month, and 15 per cent more than last year. This renewed confidence is also reflected in price growth.
“In 2017 we saw some of the highest net completions for new homes in years – and I predict this trend to continue next year, and the ‘new homes’ market will be an increasingly important part of the market, and begin to improve on the amount of UK stock. However, it is crucial that we build the right type of homes that meet the UK’s needs. One and two bedroom apartments are all well and good but we need new homes for families to free up stock lower down the ladder.”