British House Prices Show Resilience

LONDON (Reuters) – British house prices rose at their fastest annual pace in almost two years in November, indicating resilience in the property market despite high borrowing costs, according to official data released on Wednesday.

Average house prices increased by 3.3% in the 12 months leading up to November, marking the fastest rise since February 2023, following a revised increase of 3.0% in October, as reported by the Office for National Statistics.

Private-sector rents in December were 9.0% higher compared to the previous year, slightly down from 9.1% in November. Among various regions in England, rents rose the most in London, where they surged by 11.5%.

Investors have begun to expect cuts in Bank of England interest rates by 2025 after an unexpected decline in inflation earlier on Wednesday.