House prices recorded a 0.9 per cent rise during November, meaning the annual rate of decline in the property market has eased for the seventh month in succession.
Figures released by the Land Registry show a clear improvement in the average price of a home in England and Wales. Six straight months of growth have seen the value of the average property rise to £161,554, up from £159,546 at the end of October.
The rate of annual change remains in negative territory but the margin of difference is closing. Last month's figures showed that prices were some 3.4 per cent down on the same period 12 months previously. November's figures show that gap has been reduced to a mere 0.3 per cent.
Should next month's figures show growth similar to this month's, annual comparisons would show a rise in average property values.
The annual house price change in London is already in positive territory, up 3.5 per cent – the largest rise in all regions. During November, prices in the capital shot up by two per cent, taking the average house price up to £324,231.
The West Midlands was the only region not to record a rise during November, with average prices tumbling by 0.4 per cent. Wales recorded the strongest monthly performance, with values rising by 2.9 per cent.
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