House price growth accelerates for first time since March, reports Halifax

Annual house price growth has accelerated for the first time in eight months, according to an index.

Halifax said property values increased by 6% annually in November - marking the first time since March that year-on-year price growth has increased.

House prices also edged up by 0.2% month-on-month, marking a smaller increase than a 1.5% monthly rise recorded in October.

Across the UK, the average property value was £218,002 in November.

Martin Ellis, a housing economist at Halifax, said: "Despite November's pick-up, the annual rate has been on a steady downward trend in recent months since reaching a peak of 10% in March.

"Heightened affordability pressures, resulting from a sustained period of house price growth in excess of earnings rises, appear to have dampened housing demand, contributing to the slowdown in house price inflation.

"Very low mortgage rates and an ongoing, and acute, shortage of properties available for sale should help support price levels although annual house price growth may slow over the coming months."