House prices rocket 6% year-on-year!

Nationwide’s November house price index shows property values are up 0.6% on October but annually have now risen 6.5%. The price of an average property now stands at £174,566, up from £163,853 a year ago.

Nationwide’s chief economist Robert Gardner says the pace of change annually is the strongest it has been since July 2010, though prices are still 6% below their peak in 2007. The number of mortgage approvals for house purchase reached 66,735 in September, 34% higher than the same period of 2012.

He says: “Activity in the housing market has picked up strongly in recent months. The number of mortgage approvals for house purchase reached 66,735 in September, 34% higher than the same period of 2012. A large part of the improvement can be attributed to further improvements in the labour market and the brighter economic outlook, which has helped to bolster sentiment amongst potential buyers.”