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Average home up £3,900 in value since the start of the year

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House prices rose slightly in November, according to the latest property price index
Average home up £3,900 in value since the start of the year

House prices in November rebounded, rising by 1% according to Halifax.

The lender found that average property prices were 2.1% higher than in the same month a year earlier.

Russell Galley, managing director of Halifax, said: “Average house prices rebounded somewhat in November, with annual growth of 2.1% being driven by the biggest monthly rise since February, following two months of modest falls.

“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.

“It is these issues which we believe will continue to underpin the resilience evident in the market for most of 2019. Over the medium term we expect the emerging trend of modest gains to continue into next year.”

Cheap mortgages supporting sales

Andrew Montlake, managing director of Coreco, said: “The mortgage market has been carrying the property market on its shoulders for some time and this was more evident than ever in November.

“Mortgage rates are so low that despite the political noise people are getting on with their lives and moving home.

“A lot of people are locking in to ridiculously competitive 5-year fixed rate mortgages, which offer an instant hedge against the uncertainty of Brexit.

“The pragmatism in the market is being supported by the fact sellers have also become more realistic around asking prices.”

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