Prices rise 4.6% year-on-year in November

House prices rose 4.6 per cent in the 12 months to November, according to the latest house price index from LSL/Acadata.

The cost of the average home in England and Wales stood at £238,839 in November, up 0.6 per cent from October, when the average price stood at £237,445.

Prices have risen annually by an average of £11,219 and £1,394 on a monthly basis.

Every region across the UK experienced house price growth for the second month running in November, a “true sign that the nationwide recovery is really taking off”, according to LSL Property Services commercial director David Brown.

Brown adds: “Competition is strong as a result of rising demand and supply of new instructions not growing, a factor that will continue to prop up prices in the long term. Confidence is higher throughout the market, with the Help to Buy scheme and record low interest rates contributing to the positivity.

“Over the second part of this year, consumer confidence has snowballed as the economic picture improves, leading to a significant rise in sales.

“The increased availability of mortgages – in part thanks to the government’s schemes – along with the greater range of mortgage deals on offer has opened the door to a new host of first-time buyers, making the dream of homeownership now a reality for thousands.”

LSL/Acadata estimates there were over 77,000 properties sold in November, which is the highest November total since 2007, when sales totaled 104,500.