The data suggests the average property price in the UK now stands at £226,821, which is 3.2% higher than in January, when the average home was valued at £219,741.
2017 has seen a relatively steady market, with over 100,000 homes sold every month so far this year, according to data from HMRC.
And the volume of transactions in September, October and November 7% up on the same period in 2016.
That said, as we move towards the end of the year, recent reports from the Royal Institute of Chartered Surveyors suggest, whilst we’ve seen a shortage of properties on the market in many areas over the last few months, the amount of properties for sale has sharply deteriorated further, despite there being continued buyer demand in many areas of the country.
Russell Galley, Managing Director, Halifax Community Bank, said of the report issued this morning: “Whilst 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.
“We do expect the Government’s first-time buyer Stamp Duty changes to provide some stimulus to demand, particularly in London and the South East where the impact is greatest.”
The value of the UK’s private housing stock in 2017 was recently estimated at £6 trillion, compared with £4.1 trillion in 2007, equating to an increase of £1.9 trillion – or 48% – over the past decade, according to recent research from Halifax.
The increase of £1.9 trillion since 2007 is equivalent to almost £70,000 per household in the owner-occupied and private rented sectors.
Brian Murphy, Head of Lending for Mortgage Advice Bureau said: “The story of 2017 has been a lack of available properties for sale in many areas, which has created upwards pressure on prices.
“Of course, this is a double-edged sword; great news for the homeowner who is sat on an appreciating asset, but very difficult for those who want to get on or move up the property ladder, particularly given that wage growth hasn’t kept in line with property values.