UK House Price Growth Rebounds in November 2024, Reaching Fastest Rise Since 2022

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In November 2024, the UK experienced a notable rebound in house price growth. The annual price growth rate increased to 3.7%, marking the fastest rise since November 2022. This rebound follows a period of slower growth, with October 2024 seeing only a 0.1% increase in house prices, bringing the annual growth to 2.4%.

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The increase in house prices has been driven by several factors, including rising wages, falling mortgage rates, and increased buyer activity. This surge in activity has been attributed to a short-term correction following unexpectedly low figures in October. Additionally, house prices in England, Wales, and Scotland have shown varying growth rates, with England seeing a 2.5% increase to £309,000, Wales a 0.4% increase to £217,000, and Scotland a significant 5.7% increase to £198,000 over the past 12 months.

Overall, the housing market in the UK has shown resilience, with prices reaching record highs in November 2024. This trend is expected to continue, with forecasts predicting further price increases in the coming months.