House prices rose by more than twice as much as economists predicted in November as demand for property outstripped supply.
Prices rose by 1.4pc, pushing the cost of the average UK home to £167,664, according to the latest house price index from the Halifax. It is the fifth consecutive monthly increase. House prices have risen 8.5pc since April after losing 23pc over the previous 20 months. Prices were 1.8pc higher than in November last year when the average home cost £164,646.
Martin Ellis, housing economist at the Halifax, said: “Somewhat higher demand has combined with a low level of properties available for sale to push up prices.”
source – The Independent
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