House Prices Still Rising

November is always a funny month for the property market. It's not quite Christmas (although of course the shop windows and TV advertisers have been trying to convince you it is since August) when the market's traditionally as quiet as ... well, a winter's eve, and it's certainly not still in the heady days of the late summer boom. In fact in November the market tends to lean heavily towards the winter downturn as those in the property industry batten down the hatches until mid January when the lesser spotted property hunter emerges from their short hibernation.

This year things seem somewhat different. HomeTrack, the property industry's price statistics website have reported a 'house price acceleration' this month as prices are bolstered by a reduction in supply as it's sellers that seem to have gone into early hibernation this year. They've reported that average property prices rose by 0.6% in November, not surprisingly with London up front rising by 1.2%. This all goes to contribute to creating the highest annual rate of growth seen since August 2004. Can nothing stop this rampant market?

November through to January is supposed to be sleepy time, a time when only those with a damn good reason for moving buy or sell. A time when estate agents dip into their savings as the commissions dry up, and the general public's only property thoughts can be summed up by whose house are we going to have the biggest feast at this year.

I'm not a believer in the property bubble, nor do I harp on about price corrections or housing market crashes, but a slow down would be nice so that those left at the back waiting to step onto the ladder have a chance to catch up.