UK house prices have hit a record high, with Land Registry data showing the average price rose to £250,000 in November. Property values rose 7.6% in the year to November, with this marking the steepest annual price growth since June 2016. Across UK nations, England saw values climb 7.6% year-on-year in November, reaching £267,000; the average in Scotland rose 8.6% to £166,000; Wales saw growth of 7%, taking the typical value to £180,000; while Northern Ireland’s 2.4% increase took its average to £143,000. Analysts believe the stamp duty holiday has helped drive the market and push up prices, warning that the market and growth may slow once the tax break ends on March 31st.Howard Archer, EY Item Club’s chief economic adviser, said: Elevated housing market activity and robust prices will prove unsustainable sooner rather than later,” adding that prices could fall by up to 5% this year.
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