House prices across the UK hit new record high

Average house prices hit a new record high of £288,000 across the UK in November after leaping by 7.7% over the previous year, according to official figures.

Property values in England also reached a new all-time peak in November, increasing by 8.3% annually to reach £302,000 on average, according to the Office for National Statistics (ONS).

Several regions within England saw house prices lift to new records, including London, the South East, the East and the East and West Midlands.

In London, the average home is now worth £537,000. The North East continues to be the English region with the lowest average house price, at £157,000.

The ONS report said that the 7.7% annual rate of price growth seen across the UK was the fastest annual increase seen since March 2015. It said that property values were continuing to "grow strongly".

The report said: "Upward price pressures may be a result of a shortage of supply and strengthening demand in the housing market."

The figures also show that the average first-time buyer faces paying 7.4% more for a property than a year ago.

The typical price paid for a home by someone taking their first step on the property ladder in November was £221,000.

Property values in Scotland, Wales and Northern Ireland remain below their previous records.

In Scotland, the average price of a home has increased by 0.4% over the last year to reach £195,000. In Wales, house prices have increased by 1.3% annually to stand at around £173,000.

Northern Ireland has yet to see house prices surpass their 2007 peak. Property values there have increased by 4.6% over the last year to reach £158,000 on average.

Across the UK, average property values edged up by 0.8% month-on-month in November.