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UK house prices rise at the fastest pace in 15 years

Record property values driven by limited housing stock and low lending rates as London market lags

UK house prices registered their strongest three-month growth in 15 years in November, boosted by demand for a limited supply of housing stock, low mortgage rates and a strong labour market.

The average price of a UK property hit a record high of £273,000 last month, according to the mortgage provider Halifax. The value of homes rose 1 per cent from October, 8.2 per cent higher than in the same period last year.

“The performance of the market continues to be underpinned by a shortage of available properties, a strong labour market and keen competition among mortgage providers keeping rates close to historic lows,” said Russell Galley, managing director at Halifax.

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