The average UK house price jumped 0.5% in the month to November, according to data published by Halifax on Thursday.
It is the second straight month of UK price gains and corroborates recent data released by Nationwide. The average UK house now costs £283,615.
“House prices rose in November, for the second consecutive month. And while sellers still face the tricky business of persuading someone to buy before they can realise these higher prices, we’ve had some more positive news on that front too. It has been a good month for a tough market, but we can’t get carried away just yet,” said Sarah Coles, head of personal finance, Hargreaves Lansdown.
“House prices are robust, and the annual fall is now a modest 1%. In the next couple of months, as we compare to lower prices a year earlier, we could climb back into positive territory on an annual basis, especially if we see more monthly rises.
“Unfortunately, sellers face a problem that’s all too familiar now. On paper things are looking good, but they actually have to find a buyer first, and they’re still pretty thin on the ground.”
Tom Brown, Managing Director, Real Estate at Ingenious, explained house price gains were the result of a lack of supply across the rental market and those properties for sale.
“Nationally, there remains a significant shortage of housing inventory across most locations and price points. Consequently, any slow-down in sales volumes from homeowners is likely to be offset by increased demand from renters and investors,” Brown said.
Although there is a national shortage of homes, the gains in house prices are more pronounced in some areas compared to others. For example, property in Northern Ireland is up 2.3% in a year, while the South East of England is down 5.7% in a year.