(MENAFN - Qatar News Agency) House prices in London surged by 7.7 per cent in November, signalling the fastest rate in six years, according to Halifax property index data.
Halifax said the jump in house prices was the biggest since October 2007, driven by surging demand in the property market and shortage of homes for potential buyers
But the typical price is still 12 per cent below its 2007 peak, the latest housing market study said, reported the Independent newspaper
A new phase of the Government's flagship Help to Buy scheme was launched in October to give more people with low deposits a helping hand on to or up the housing ladder
The scheme offers state-backed loans to people with deposits as low as 5 per cent
"Low interest rates, improvements in consumer confidence and official schemes, such as Funding for Lending and Help to Buy, all appear to have boosted demand", said the study.