" House prices are rising at nearly ten times the pace of average earnings after Britain's biggest mortgage lender today that record low interest rates and the Government's Help to Buy scheme were sending demand through the roof.
Halifax claimed prices in November hit £174,910, up 1.1 per cent on October and 7.7 per cent on the same month a year ago - the highest annual rate for six years.
The typical house is now swapping hands for £174,910, up £13,577 on a year ago, a rise of £37 a day. Average salaries are rising at just 0.8 per cent a year.
Martin Ellis, Halifax housing economist said: "Stronger demand, combined with an insufficient increase in housing supply, has resuled in increases in house prices accompanying higher activity this year.
"Low interest rates, improvements in consumer confidence and official schemes, such as Funding for Lending and Help to Buy, all appear to have boosted demand."
Source: House prices across the UK are rising at nearly ten times average earnings - Telegraph
Gotto love the Osbornomics
Halifax claimed prices in November hit £174,910, up 1.1 per cent on October and 7.7 per cent on the same month a year ago - the highest annual rate for six years.
The typical house is now swapping hands for £174,910, up £13,577 on a year ago, a rise of £37 a day. Average salaries are rising at just 0.8 per cent a year.
Martin Ellis, Halifax housing economist said: "Stronger demand, combined with an insufficient increase in housing supply, has resuled in increases in house prices accompanying higher activity this year.
"Low interest rates, improvements in consumer confidence and official schemes, such as Funding for Lending and Help to Buy, all appear to have boosted demand."
Source: House prices across the UK are rising at nearly ten times average earnings - Telegraph
Gotto love the Osbornomics
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