The housing market remained strong in November, with house prices rising by 1.4 per cent over the course of the month, figures from Nationwide reveal.
The market showed little sign of the two interest rate rises set by the Bank of England over the past few months, with the most recent in November bringing the base rate up to five per cent.
Annual house price growth has now reached 9.6 per cent, up from eight per cent last month and the highest rate of annual house price growth since February 2005.
House prices are £15,046 higher than one year ago, the equivalent of a £41 rise per day, with the average house price now standing at £172,185, news sure to be significant for those planning a remortgage.
The Royal Institution of Chartered Surveyors said that it was clear that higher-interest rates were yet to damage sentiment in the housing market due to a buoyant economy and jobs market, which had helped more first-time buyers onto the housing ladder.
However, demand from the buy-to-let sector had slowed, they added.
There are no charges or obligation when you ask for a quote. Your information will be treated in strict conformance with our privacy policy.
Our reference section contains detailed guides and news on the mortgages market.