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House prices 'rose by 1.4% during November'
New research has revealed that UK house prices rose by 1.4 per cent in November when compared to October figures.
The latest Halifax House Price Index also highlighted that the value of property is now 1.6 per cent lower than 12 months ago, with the average price of a home standing at £167,664.
In addition, prices over the period between September and November were 3.7 per cent higher than in the previous quarter, which is the biggest increase on a three-monthly basis in three years.
Martin Ellis, housing economist at Halifax, said: "The recovery in house prices since the spring has been driven by increased demand for property, largely due to the improvement in affordability for existing homeowners and first-time buyers who can raise the necessary deposit."
Last week, the latest house price research from building society Nationwide suggested that the value of property rose by 0.5 per cent during November.