UK house prices saw their biggest monthly jump of the year in November.
As per BBC, the UK’s largest mortgage lender, a division of Lloyds Banking Group, announced a 1.3 rise in property values from October, marking the first consecutive month of growths.
The average house price reached a new record of £298,083 in November, surpassing a peak of £293,999 in October.
House prices have experienced their fastest annual growth in two years.
As per Halifax, prices rose by 4.8% in November compared to the same time last year, up from 4% in October.
Amanda Bryden, head of mortgages at Halifax said in a statement, noting, "Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence.”
She mentioned that with stronger employment and declining interest rates, house prices are expected to increase throughout the year and into the next.
"However, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop," she added.
In the meantime, Jonathan Hopper, chief executive of Garrington Property Finders, said, "Hesitation has turned to hurry in some parts of the market, especially among first-time buyers racing to complete their purchases before the stamp duty thresholds change at the end of March."
As per the sources, London remains the most expensive place in the UK to purchase home, with the average property costing £545,439.
