Dec
House prices surprise with fastest rise for two years
House prices grew at the fastest annual pace for two years in November, according to the latest survey from Nationwide.
The lender said the price of a typical UK home rose by 3.7% last month compared to a year earlier, with property values close to a record high.
It said the acceleration in house price growth was "surprising, since affordability remains stretched by historic standards".
Housing experts predict the market will see the number of sales increase over the next few months, ahead of changes to stamp duty due to take place in April.
House prices rose by 1.2% between October and November, Nationwide said, the biggest month-on-month increase since March 2022.
The average property now costs £268,144, according to the building society, close to the record high of £273,751 reached in August 2022.
Nationwide noted that the housing market had remained "relatively resilient" in recent months, with the number of mortgages approved at near pre-pandemic levels.
Mortgage approvals in October hit the highest monthly level since August 2022, according to Bank of England figures released last week.
Nationwide chief economist Robert Gardner said low levels of unemployment combined with pay increases that were outstripping inflation had helped to "underpin" the housing market.
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