The average home in Britain was worth £199,467 at the end of November last year, according to official statistics.

In the 12 months preceding November, home values in the UK had accelerated in value by 8.9 per cent, up from 8.6 per cent in October, the latest figures from the Department of Communities and Local Government (DCLG) reveal.

In the capital, homes had accelerated in value by 10.1 per cent by the end of November, compared to the corresponding month in 2006.

The largest rises were experienced in Northern Ireland, where the average property accelerated in value by 36.6 per cent in the 12 months to November.

Annually, properties bought by previous homeowners continued to increase in value faster than those sought by first-time buyers. Nevertheless, prospective property owners face worse affordability conditions than ever before.

Figures from Halifax published today also indicate that the total housing stock in the UK is now worth £3.8 trillion, having increased by more than £400 billion in 2006.

Yet despite housing market accessibility concerns and the recent shock interest rise from the Bank of England, the ratio of housing stock value to mortgage balances is considerably more favourable than ten years ago.

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