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Full story: UK house prices rise at fastest pace in 15 years
UK house prices grew at the fastest pace in 15 years over the past three months, with the average home valued at £20,000 more than this time last year, according to Halifax.
Prices rose by 3.4% in the quarter to the end of November, which is the highest quarterly rate since late 2006 and brought the average price of a home to a record of £272,992. A shortage of properties on the market, a strong jobs market and competitive mortgage rates were all propping up prices, the lender said.
House prices rose for a fifth month by 1% in November and were 8.2% higher than the same time last year, when the average property cost 252,235. Both the monthly gain and the annual growth rate were the same increases as in October.
Wales remained the UK nation with the fastest house price growth, with annual inflation of 14.8% taking the average price of a home to more than £200,000 for the first time. Northern Ireland also continued to record double-digit annual growth, of 10%, and a typical property cost £169,348. In Scotland, the average price of £191,140 is the most expensive on record, as values rose 8.5% year on year.
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China’s policy makers moved to expand support for the nation’s economy today, as a property-market downturn threatens to hamper growth into next year.
My colleague Martin Farrer explains:
China’s politburo has signalled measures to kickstart the faltering economy as the crisis gripping the country’s debt-laden property sector continued to blight prospects for growth.
President Xi Jinping’s senior leadership committee rubber-stamped a plan from the central bank on Monday for more targeted lending to businesses and outlined support for the housing market.
The People’s Bank of China (PBOC) said it would cut the reserves most banks must hold by 0.5 percentage points, releasing another 1.2tn yuan ($188bn) into the economy, the central bank said in a statement.
Leaders had also agreed to “promote the construction of affordable housing, support the commercial housing market and better meet the reasonable housing needs of buyers”, Xinhua state news agency said.
Introduction: China's import surge cheers markets