November house prices were 2.1% higher than the same month of the previous year, according to the latest Housing Price Index from Halifax.
House prices were also 1% higher than the month prior, and in the September to November period, prices were 0.2% higher than the preceding quarter.
The average house price now stands at £234,625.
Russell Galley, managing director at 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.”
He added: “It is these issues which we believe will continue to underpin the resilience evident in the market for most of 2019. Over the medium term we expect the emerging trend of modest gains to continue into next year.”
The latest index marks a significant change from October’s findings, where house prices only saw an annual rise of 0.9%. This was the lowest growth in prices for the year so far.