In November 2024, house prices in the UK increased by 3.7% year-on-year, according to the Nationwide Builders Association. Thus, the growth rate accelerated compared to October (2.4%) and became the fastest since November 2022.
The average cost of a house in the United Kingdom has reached 268,144 pounds, which is just 1% below the record high.
Compared to October, prices rose by 1.2%, taking into account seasonal factors. This was the most significant monthly increase since March 2022.
Robert Gardner, chief economist at Nationwide, comments "The acceleration in price growth is surprising, since housing affordability remains low by historical standards, its cost is still high compared to average incomes, and interest rates are significantly higher than before the pandemic."
Source: The Guardian
