The latest Halifax House Price Index, has revealed that the average house price in the UK now sits at £234,625, with the cost now 2.1% higher than the previous year.
Figures from the HMRC show that UK home sales in October were at the highest level since July 2017; however, mortgage approvals fell by 1.8% with year-on-year growth at -3.3%.
House prices in November rose by 1% compared to October’s results, increasing the average cost of owning a home by more than £3,000 since the start of the year.
Russell Galley, Managing Director, 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.”
Figures shown in the graph above make for grim reading as numbers have dropped considerably over the decade.
The lack of homes on the market combined with the low number of affordable homes to citizens across the country has caused significant instability in the UK’s housing sector, resulting in a generation of renters.