House prices surge at fastest rate in 15 years

Good morning.

The UK house market is breaking records once again, with prices growing for the fifth consecutive month to another new high.

Average house prices added another 1pc in November to hit £272,992. Quarterly house price growth is now at its strongest level in 15 years.

The numbers show continued resilience in the market even after the end of the stamp duty holiday, which helped spur on activity during the pandemic.

This points to other underlying factors supporting prices, including a supply shortage and cheap borrowing rates.

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What happened overnight 

Asian stocks edged higher on Tuesday on receding worries about the impact of the omicron variant while Chinese markets gained after the central bank there eased monetary policy.

MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.6pc after declining on Monday to the lowest level in one year.

The benchmark has lost 6pc so far this year, with Hong Kong markets figuring among the big losers, while Indian and Taiwanese stocks outperformed.

On Tuesday, Australia’s S&P/ASX200 rose 0.5pc, while Japan’s Nikkei advanced 1.1pc as risk-on sentiment pushed US stocks higher.

China’s CSI300 index gained 0.7pc and Hong Kong’s Hang Seng Index advanced 1.3pc as the central bank freed up $188 billion in liquidity through a policy easing.

Coming up today

  • Corporate: Paragon Banking Group, Renew Holdings, CareTech (Full-year results); Babcock, Supreme, Mercia Asset Mgmt (Interim results); Ashtead Group, British American Tobacco, Ferguson (Trading update)
  • Economics: Kantar supermarket sales (UK), ONS mergers and acquisitions (UK), Consumer credit (US)

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