The typical home in the UK increased in value by 0.5 per cent in November, according to Nationwide Building Society's latest figures.

Whereas the average property was worth £162,038 in October, it rose to £162,764 in the month just gone.

Comparing prices year-on-year, nationwide revealed that the value of bricks and mortar in November 2009 was 2.7 per cent higher than the corresponding month in 2008.

With both the Land Registry and Halifax also recently indicating hikes in UK property prices, it would appear that homeowners and private landlords are likely to have seen the value of their portfolios grow since the turn of the year.

Commenting on the figures, Nationwide chief economist Martin Gahbauer said: "At £162,764, the average house price is at a similar level to where it was in early 2006."

He added that, although the general 2009 trend has been property price growth, house values are currently rising "at a more moderate pace"than earlier this year.

Written by Claire Doyle
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