The average cost of a house in the UK is edging nearer the £200,000 mark in November following an increase of 0.7 per cent, official statistics have revealed.
Average prices rose by 8.9 per cent a year in November, up from 8.6 per cent in October.
The increase took the average property price in the UK to £199,467.
The Department for Communities and Local Government figures show the housing market remains resilient at the end of last year following two interest rate rises and despite forecasts for higher rates to come.
House prices have been rising fastest in Northern Ireland continuing to outpace the rest of the UK in November, with annual inflation recorded at 36.6 per cent and 13.4 per cent respectively.
But Howard Archer, chief UK and European economist at Global Insight, said that Government's statistics provide lagging evidence on house prices and figures for December were mixed, leading to some tentative speculation that house prices may be near to peaking.
"We suspect that the ongoing buoyancy of house prices was a contributory factor in the Bank of England's shock decision to raise interest rates last week, even though the MPC does not specifically target them," Mr Archer added.
"Indeed, if house prices continue to post sharp rises over the coming months, it will increase the chances of interest rates rising even higher," he added.
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House price growth picked up in November
Thu, 18 Jan 2007
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