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House prices up 9% year-on-year

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House prices in the three months to November were 9 per cent up on the same period last year, says Halifax.

Annual house price growth slowed from 9.7 per cent in October.

While prices were up year-on-year, they fell 0.2 per cent to £204,552 between October and November.

Halifax housing economist Martin Ellis says: “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.”

Dragonfly Property Finance managing director Mark Posniak says: “The overall rate of growth may have slowed slightly but house prices continue their seemingly inexorable rise. With no immediate solution to the imbalance between supply and demand, house prices look set to continue to rise throughout 2016.

“The worry is that there is no concerted long-term strategy for tackling supply, either. The lack of properties being put up for sale remains an enigma given that mortgage rates and the cost of living are so low and consumer confidence, overall, is high.

“Talk of imminent interest rate rises has been going on for a year or two now and it may be that people want more clarity on the speed of rate rises before they commit to a purchase. It’s hard to believe that 2016 will see any change in the ongoing narrative of low supply, strong demand and rising prices.”

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