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ID: 54352091 Video

Headline: UNCAPTIONED: House Prices Record Fastest Growth in Two Years

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House Prices Record Fastest Growth in Two Years. House prices in the UK rose by 3.7% annually in November, the fastest growth in two years, according to Nationwide, BBC News reports. The average UK home now costs £268,144, close to the August 2022 peak of £273,751. Nationwide attributed the surprising growth to "relatively resilient" demand despite stretched affordability. October saw the highest level of mortgage approvals since August 2022, signaling robust market activity. Nationwide’s chief economist Robert Gardner cited low unemployment and rising pay outpacing inflation as key drivers. Reduced stamp duty rates will end in April, prompting predictions of a sales surge in early 2025 followed by a slowdown. From April, the stamp duty threshold will revert to £125,000, and first-time buyer exemptions will drop from £425,000 to £300,000. Analysts warn that record-high prices and relatively high mortgage rates could dampen market activity in 2025. The Bank of England predicts 4.4 million mortgage holders will face higher payments by 2027, with average increases of £146 per month. While lower interest rates and higher wages are expected to gradually strengthen the housing market, uncertainties about affordability and mortgage rates remain.
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Keywords: Offbeat,House,Housing,Prices,Record,Fastest,Growth,Two,Years,Nationwide,BBC,Annually,Report,Mortgages,Average,UK,Home,Reports

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