UK house prices rose at the quickest rate in over two years according to the latest figures from the ONS.
For the month of November house prices rose 2.2% year on-year up from 1.3% when compared with the preceding month. Prices in Wales enjoyed the strongest growth, up 8% while London experienced only its second increase in a year and a half as house price marginally increased by 0.2%.
Director of lettings and estate agent Benham and Reeves, Marc von Grundherr, said: “Promising signs from a battle-weary property market with a notable lift in the rate of house price growth both on a monthly and annual basis, and while the recovery continues to be slow but steady, we are in a far better place than we found ourselves the previous year.
“The ‘Boris bounce’ has already brought a rejuvenated level of market confidence and a potential cut to interest rates in the near future should also stimulate buyer sentiment as the cost of borrowing remains favourable for those looking to climb the ladder.”
He added: “This heightened market activity will go a long way in jump starting the market and the rate of house price growth, which may have been coasting until now, but should soon move through the gears with ease.”
Founder and CEO of Stone Real Estate, Michael Stone, said that the figures demonstrate that the property market “continues to defy the wider economic landscape”.
He said: “The latest figures demonstrate a property market that continues to defy the wider economic landscape and rebuild on the form of more buoyant years gone by.
“This growth continues to be led by the new build sector, with buyers opting for new builds less wary of future price decline due to the better quality of these developments. This continued optimism is seeing new build price growth far outstrip that of the regular market and this is a trend that will no doubt continue.”
He added: “Perhaps the leading indicator of overall market health is the performance of the London market and it would seem as though the tide is certainly starting to turn. While London price growth remains muted, the capital has shifted from the bottom of the table and should continue to climb the ranks as the year progresses.”