LONDON (Reuters) – British house prices rose at their fastest annual pace in nearly two years in November, adding to signs of resilience in the housing market despite high borrowing costs, official data showed on Wednesday.
Average house prices rose by 3.3% in the 12 months to November – the fastest rise since February 2023 – following a revised downwards increase of 3.0% in October, the Office for National Statistics said.
Private sector rents were 9.0% higher in December than a year earlier, down from a 9.1% increase in November.
Among the regions of England, average rents rose the most in London, where they rose by 11.5 percent.
Investors added to bets on a Bank of England rate cut in 2025 after a surprise drop in inflation earlier on Wednesday.
