3 sources·Business

UK House Prices Surge: Fastest Growth in Two Years

UK house prices have seen a surprising surge, growing 3.7% annually in November amidst stretched affordability and high interest rates.

33%

67%

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Updated: Dec 2nd, 2024, 5:50 AM ET

Summary

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UK house prices grew at the fastest rate in nearly two years, with a surprising 3.7% annual increase in November, despite affordability constraints and higher interest rates. The average price reached £268,144, close to record highs. The housing market showed resilience with mortgage approvals nearing pre-pandemic levels. Economists predict further market strength due to lower interest rates and increasing incomes. However, the ongoing supply shortage and higher price-to-income ratios remain challenges. Anticipation grows for a potential increase in house sales before upcoming stamp duty changes in April 2025.

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