House prices rise at fastest pace in 15 years, says Halifax

House prices in Britain have risen at the fastest rate in 15 years. Figures released by Halifax show that during the last three months, the cost of property grew at the fastest rate than any time during the last 15 years.

According to the mortgage lender, the average home was valued more than £20,000 more compared to this time last year.

In the quarter until the end of November, prices jumped by 3.4%, marking the highest quarterly rate rise since 2006. The significant rise in house prices brings the average cost of a property in the UK to a record £272,992.

In November alone, house prices increased by 1% taking them to a staggering 8,2% higher than in November 2020, when the average cost of a home in Britain was £252,235. November marked the fifth consecutive month that house prices increased.

Halifax attributes escalating costs to the short supply of property available on the market, alongside a robust jobs market and competitive mortgage rates.

Russell Galley, managing director at Halifax, commented on what is behind record-breaking rises in the cost of property:

“The performance of the market continues to be underpinned by a shortage of available properties, a strong labour market and keen competition among mortgage providers keeping rates close to historic lows. Those taking their first step on to the property ladder are also playing an important role in driving activity, with annual house price inflation for first-time buyers at 9.1% compared with 8.8% for home movers,” said Galley.

If you are thinking about buying or selling property at a time when house prices are surging forward in Britain, using property auctions can be a great way to sell or purchase a home quickly and for a good price.

Take a look at the different property we have listed in our forthcoming auction, or get in touch with the Auction House London team to request a free valuation of your home.