House prices are on the rise, new figures show

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House prices increased by 10 per cent in the year to November as values continued to push up “strongly” across the majority of the UK, according to an official report.

Property values increased by 0.2 per cent between October and November, taking the average house price to £271,000, which is still below an all-time high of £274,000 reached last August, the Office for National Statistics (ONS) said.

First-time buyers face paying 11 per cent more for a property than they did a year ago, with the typical price paid by someone taking their first step on the property ladder reaching £208,000 in November.

Property prices in Northern Ireland recorded their biggest year-on-year up-swing since 2007 in November.

Values in Northern Ireland increased by 11.7 per cent year on year to reach £147,000 typically, marking the highest annual increase seen there since December 2007, the ONS said.

But house prices in Northern Ireland have some way to recover to reach their previous peak levels, recorded in August 2007.

Property values there are still 43 per cent below their pre-financial crisis peak, having tumbled sharply as the downturn set in.

The report said: “House prices continue to increase strongly across the majority of the UK, with prices in London again showing the highest growth.”

London property values have surged by 15.3 per cent to reach £501,000 on average.