House prices have hit a new record high after climbing at the fastest pace in two years during the year to November.
According to Halifax, the typical house now costs £298,083, after prices increased by 4.8% over the year to November for the largest uptick since the same month in 2022.
Month on month, prices ticked up by 1.3%, marking the fifth consecutive positive reading.
“Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence,” Halifax mortgages head Amanda Bryden said.
Wider economic issues and pressed affordability threatened this, she warned, though positive employment data and further declines in mortgage rates should buoy demand.
“This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago,” Bryden added.