UK house prices were 2.1% higher last month then they were a year ago at an average price of £234,625, according to the Halifax House Price Index.

Prices also grow on a monthly basis, rising 1.0% from October. It means an end to back-to-back months of declining growth as November's gains recouped the previous month's losses. The average house price is now the highest it has been all year, surpassing the previous high of February's £234,195. UK house prices also posted quarterly gains, with the latest quarter, including September, October and November, 0.2% up on the preceding three months.

Russell Galley, Managing Director, Halifax, said: Prices are now up by £3,904 since the start of the year. While a degree of uncertainty remains evident, it's also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties. Commentators believe it is these issues which will continue to underpin the resilience evident in the market for most of 2019. Over the medium term they expect the emerging trend of modest gains to continue into next year.

About the Author: Glen Callow

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