UK house prices rise by most since Feb 2023

BRITISH house prices rose at their fastest annual pace in almost two years in November, adding to signs of resilience in the property market despite high borrowing costs, official data showed on Wednesday (Jan 15).

Average house prices rose by 3.3 per cent in the 12 months to November – the fastest increase since February 2023 – after a downwardly revised 3.0 per cent increase in October, the Office for National Statistics said.

Private-sector rents in December were 9.0 per cent higher than a year earlier, down from an increase of 9.1 per cent in November.

Among England’s regions, average rents increased the most in London, where they rose by 11.5 per cent.

Investors added to bets on Bank of England interest rate cuts in 2025 after a surprise drop in inflation earlier on Wednesday. REUTERS