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House prices rose 6.7% in year to November

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The official government house price index shows robust property prices, despite economic challenges
House prices rose 6.7% in year to November

Average UK property prices rose 6.7% in the 12 months to November 2016, according to government figures, continuing the strong growth seen since the end of 2013.

The Office for National Statistics said that the average UK house price was £218,000 in November 2016, up £2,000 from the month before, and £14,000 over the year.

House prices in England were up by 7.2% over the year to £234,000. Wales saw an increase of 4.1% over the last 12 months to £147,000. In Scotland, the average price increased by 3.3% to £143,000. The average price in Northern Ireland currently stands at £124,000.

Regional picture

On a regional basis, London continues to have the highest average house price at £482,000, with the North East lowest at £127,000.

The East of England experienced the highest annual growth, with prices increasing by 10.5% in the year to November. The lowest annual growth was in the North East, where prices increased by 3.2% over the year.

Drilling down to a more local level, the local authority with the largest annual growth was Rutland, where prices increased by 20.7% to stand at £307,000. In Aberdeen, by contrast, prices fell by 7.8% to stand at £172,000.

Ian Thomas, co-founder of LendInvest, said: “Despite some knocks, the property market will remain fundamentally strong throughout 2017, with a sustained drive by government to increase the supply of new homes.”

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