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House prices nudge up in November

House prices increased by 0.5% last month, the second monthly rise in a row, according to the latest figures from Halifax.

The price of a typical home increased by £1,300 in November to £283,615, which is just 3.5% below the peak recorded in August 2022 and 1% below the figure achieved in November 2022.

Halifax said the rise reflected a lower level of stock coming to market, which was helping to offset the impact of higher mortgage rates.

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