In the first major housing survey of the month, it has been revealed that November's interest rate rise failed to cool the UK property market.
The Nationwide reports that house prices rose by a significant 1.4 per cent in November showing that there is still significant momentum in the market, despite the Bank of England raising rates to five per cent earlier in the month, the highest level for five years.
As a result of this strong monthly growth, the annual house price inflation rate rose to 9.6 per cent up from eight per cent in October.
This is the highest annual rate since February 2005, quashing fears that prices would start to decline as increasing mortgage repayments hit investors' wallets.
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