Surveyors report strong level growth in house prices last month, so the Royal Institution of Chartered Surveyors' (Rics') housing market survey shows.
Prices went up 0.3% from October to November.
The property market absorbing November's interest rate rise of 0.25 percentage points, as the "turbo-charged financial services sector" of London and the south east keep property prices rising.
The Bank of England's rate rises have not succeeded in denting the housing market’s armour. Strong employment conditions and a great economy are shielding the market from a dip.
Consumer debt levels are pretty high and households view their finances as strong. Another interest rate rise in the new year could have a mid-term effect. House prices could rise by 7% after a 9% jump in 2006.
That will not give any joy to first-time buyers across the UK. The chancellor needs to help first-time buyers in the next Budget so tackle overall affordability.
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November Property Market Strong
Wed, 20 Dec 2006
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