UK House Prices Experience Fastest Rise Since February 2023
LONDON (Reuters) -British house prices rose at their fastest annual pace in almost two years in November, adding to signs of resilience in the property market despite high borrowing costs, official data showed on Wednesday.
Average house prices rose by 3.3% in the 12 months to November - the fastest increase since February 2023 - after a downwardly revised 3.0% increase in October, the Office for National Statistics said.
Private-sector rents in December were 9.0% higher than a year earlier, down from an increase of 9.1% in November.
Among England's regions, average rents increased the most in London, where they rose by 11.5%.
Investors added to bets on Bank of England interest rate cuts in 2025 after a surprise drop in inflation earlier on Wednesday.
(Reporting by Suban Abdulla; editing by William Schomberg and David Milliken)
