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London Surge Leads U.K. House Prices to Record

An Estate Agents Sign Advertises a Property as 'Sold' in London
Prices reached an all-time high in London and parts of the southeast as average values climbed 4.9 percent from a year ago. Photographer: Simon Dawson/Bloomberg

Dec. 13 (Bloomberg) -- U.K. house prices rose to a record in November as strengthening demand pushed values higher in all regions of England and Wales, Acadametrics said.

Values increased 0.6 percent from October to an average 238,839 pounds ($390,900), the real-estate researcher and LSL Property Services Plc said in a report today. Prices reached an all-time high in London and parts of the southeast as average values climbed 4.9 percent from a year ago. In London, prices surged an annual 9.2 percent in the quarter through November.

“The trajectory is clearly upward,” said David Brown, commercial director of LSL Property Services. “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.”

The Bank of England diluted a credit-boosting program last month to head off a potential housing bubble. Governor Mark Carney said in New York this week that policy makers wanted to ensure the market “continues to evolve in a constructive way.”

The BOE is engaged “in a far more explicit way than previously,” Acadametrics Chairman Peter Williams said in the report. “Housing issues are now at the core of government thinking about the economic recovery.”

Transactions exceeded 77,000 last month, the data showed, the most for a November since 2007. More than 780,000 properties will be sold this year, the property researcher forecast. That’s still below the average 1.2 million transactions per year recorded between 1998 and 2007.

To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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