November house prices pick up
The UK housing market remain in robust shape in November, according to the latest survey although prices are expected to level off in the coming months.
Halifax, the mortgage lending arm of HBOS, said house prices were up 1.7% in November, taking the annual change to 9.6%. The average UK home now costs £187,995.
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"There are some signs, however, of a likely cooling in housing market activity over the next few months. The market continues to be supported by strong fundamentals underpinned by a UK economy that has now recorded 57 successive quarters of growth,2 said the group.
"The marked slowing in real average earnings growth over the past six months, and a squeeze on households' discretionary income due to the substantial increase in utility bills during the last year, should temper housing demand," said chief economist Martin Ellis.
