Business

UK house prices accelerate by 7.7% in November

houses under snow Image copyright Thinkstock

House prices across the UK accelerated in the year to November, rising 7.7%, according to the Office for National Statistics (ONS).

In the year to October, prices increased by 7%.

The East of England continued to see the sharpest increase, at 10.2%, with London and the South East seeing rises of 9.8%.

Prices in Scotland and the North East of England saw the slowest growth, at just 0.4%, the ONS said.

The average cost of a home rose to £288,000, a new record.

Separate figures from the Land Registry for England and Wales only showed that prices rose by 6.4% in 2015.

They put the average cost of a house or flat at £188,270.

Unlike the ONS, Land Registry figures include homes bought with cash, so are thought to provide a fuller picture of the market.

UK House prices: The north-south divide
Region Price rise (year to Nov 2015)
Eastern England 10.2%
London 9.8%
South East England 9.8%
West Midlands 6.8%
South West 6.5%
East Midlands 6.2%
North West England 5%
Yorkshire + Humberside 3.3%
North East England 0.4%
England 8.3%
Northern Ireland 4.6%
Wales 1.3%
Scotland 0.4%
source: ONS

Earlier this month, the UK's largest lender, the Halifax, said prices rose by 9.5% in 2015, the fastest rise since 2006.

The Nationwide estimated that the rise was much smaller - just 4.5%.

The difference between house price surveys is explained here.

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