"The trajectory is clearly upward. Competition is strong as a result of rising demand and supply of new instructions not growing, a factor that will continue to prop up prices in the long term."
- David Brown, commercial director of LSL Property Services
Britain's house price rocketed to a record high in November, as strengthening demand is pushing values higher, Acadametrics said. The increase was registered in all region of England as well as in Wales. Values climbed 0.6% to an average of 238,839 pounds, with prices in London hitting all-time high, while parts of the southeast as average jumped by 4.9%. In capital values soared 9.2% in the quarter through November. Figures also showed the number of transactions exceeded 77,000 last month, the most for November since 2007. For 2013 as a whole, more than 780,000 properties will be sold; however, this is still below the average of 1.2 million transaction a year logged between 1998 and 2007.
Earlier this month the Bank of England pledged not to prolong its credit-easing scheme, though analysts believe Carney can fail to prevent the nation's housing market from overheating. Almost two-thirds of respondents in Bloomberg survey said the market is at risk of heating up. Meanwhile, Chancellor of the Exchequer George Osborne denied there is a risk of a bubble; however, he is opened to listen to any concerns or suggesting voiced by the central bank. Osborne has already asked the BoE's Financial Policy Committee to prepare an annual review of the Help to Buy programme, which already has been put under scrutiny by some lawmakers and the IMF.
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