House prices are still soaring in November. They went up 1.7% over the last month so the Halifax house price index states.
This rise is the fourth consecutive monthly increase of more than 1% in a row. Thus the average UK house price rose to £187,995, 9.6% higher than November 2005.
The housing market has continued in its strength in spite of the fact that soaring fuel bills, cost of living increases and interest rates are at their highest for five years.
It may be that the market cools a little over the next few months.
First time buyers are having a more difficult and expensive time breaking into the housing market, with a greater volume people missing their mortgage payments recently.
People are still wanting to get onto the property ladder. Nonetheless, a crash is not expected.
The UK property market has still got strong foundations. The UK economy has recorded 57 consecutive quarters of growth, increasing employment, as well as a shortage of properties which has increased prices.
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House Prices Are Still Soaring Thu, 07 Dec 2006
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