UK house prices continued their upward climb in November, rising by a seasonally adjusted 1.4pc on the month for an annual inflation rate of 29.2pc, according to the latest monthly survey from the Halifax. However, the annual rate was down slightly from the 30.6pc recorded in October. The Halifax said the continuing strength of the housing market was underpinned by the number of property transactions, which has been running at its highest level since 1989 in recent months - 417,000 in England and Wales in the third quarter, according to the Inland Revenue. Transactions are on course to total almost 1.6 million in 2002, exceeding every other year since 1988. It added that as in October, existing owner-occupiers moving home primarily drove the increase in prices in November.
Commenting on the figures, Martin Ellis, chief economist, said, "House prices continued to rise at a strong pace in November although the monthly increase was significantly lower than the record rises in September and October. ///www.fxcentre.com