New figures revealed that house prices have risen for five consecutive months.
Property values throughout the UK had increased by 0.5% month-on-month in November, the fifth month in a row, Halifax said. With an average property cost of £226,821 across the UK, these prices were 3.9% higher in November than a year earlier.
On a quarterly basis, property costs between September and November were 2.4% higher than the preceding three months.
This increase was the quickest quarterly growth witnessed since January.
Managing director of Halifax Community Bank, Russell Galley, said:
“While the annual rate of growth eased in November with the first decline in this measure since July, when looking at quarterly change prices in the three months to November were marginally higher than in the preceding three months; the fourth consecutive quarterly increase.
“The imbalance between supply and demand continues to support house prices, which doesn’t look like changing in the near future.
“Further ahead, increasing affordability issues, as price increases continue to outstrip wage growth, are likely to curb housing demand and cause price growth to ease.”