Despite all expectations house prices have soared yet again in November, according to Nationwide, despite interest rates climbing to a five-year high.
The beginning of November saw interest rates rise to their highest since September 2001. However, property buyers appeared not to note house prices increasing 1.4% over the month.
The average UK home is £172,185, 9.6% more than November 2005.
House prices are £15,046 more expensive than a year ago, £41 more per day.
House prices have gone up twice as quickly in the last six months than in the first six months. This growth rate is five times higher than the 2005 average.
Given the record prices, increasing fuel bills and higher interest rates , the market does not look like slowing down soon.
There have been recent reports forecasting a house price fall by 25%, yet the Nationwide is not able to see a trigger for that.
The incentive to buy is stronger given that house prices do not show any sign of decreasing.
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Nationwide Confirms November House Price Rise Thu, 30 Nov 2006
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