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UK house prices leap 6.5% in November – Nationwide

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UK house prices leapt 6.5% this November compared to the same time last year thanks to improved confidence in the economy, the Nationwide house price index has revealed.

Prices also climbed 0.6% month-on-month, with the average price of a British house now £174,566.

Nationwide chief economist Robert Gardner said the pace of yearly increase was the strongest since 2010: “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.

“Policy measures aimed at keeping down the cost and improving the availability of credit are also playing an important role. Indeed, mortgage rates have declined significantly from the already low levels prevailing last year.”

FirstMortgage managing director Ian McGrail said the figures show the UK is on its way out of recession: “This rise is representative of the economy picking up steadily, and correcting itself.

“While many are panicking about a property bubble, this growth shows we are returning to ‘normal’, as schemes such as Help to Buy are beginning to influence not only purchasing activity but are also having a positive influence on prices.”

The house price index indicates stronger growth than that in the Land Registry’s house price index for October 2013, which noted a monthly fall in prices of 0.2%. The Land Registry tracks prices paid on residential property transactions in England and Wales, whereas Nationwide uses data from mortgage approvals. 

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