According to Amac News: Based on the Nationwide, this price increase occurred due to rising wages and falling mortgage rates.
According to the data of the institution, the price of a typical house in the UK rose by 3.7% in November compared to the previous year, which is clearly higher than the 2.4% recorded in the previous month and is the fastest annual growth rate since November 2022.
Likewise, prices increased by 1.2% compared to the previous month, and the average price reached £ 268,144.
On the other hand, separate data released last week by the Bank of England showed that mortgage approvals in October reached their highest level since August 2022.
Estate agents are currently reporting unusual activity in the housing market in the UK. “The property market saw a sharp increase in buyer numbers in November,” said Matt Thompson, head of sales at Chestertons estate agency.