House prices rose at an annual rate of 7.1% in November, according to the Zoopla house price index.

Due to the increase, the average price of a property in the UK in November was £240,800, with more than half of UK homes having risen in value by £15,000 over the year.

An estimated 3.5 million homeowners have seen their properties rise by between £30,000 to £44,999 and 3.1 million by £45,000.

The market value of homes rose to £670bn collectively, and the UK’s housing stock is now estimated to be worth £9.5tn, according to Zoopla.

The strongest growth was in Wales, where house prices went up 11.1%.

This was followed by the North West (9.1%) and the South West (8.7%), whereas prices in London only rose by 2.4%.

In monetary terms, homeowners in the South East saw the biggest gains, with homes going up by an average of £23,500.

Those in the South West typically gained £23,000, and the East of England gained £20,400.

Grainne Gilmore, head of research at Zoopla, said: “This year has been a record year for the market.

“The stamp duty holiday and the pandemic-led ‘search for space’ has resulted in the highest number of sales since before the financial crisis, with 1.5 million transactions.”

Peter Beaumont, chief executive of The Mortgage Lender, added: “The housing market has withstood economic volatility throughout the year, with buyer demand remaining strong and house price growth climbing steadily.

“But the Bank of England’s decision last week to raise the base rate to 0.25% is likely to stir the pot.

“Already, we’ve seen the likes of Santander, Nationwide and NatWest announcing a mortgage rate hike in response.

“Prospective buyers who missed the window of opportunity to lock down a cheap fixed-rate mortgage, or homeowners looking to re-mortgage, may now be feeling concerned.

“However, good deals remain on the market so it’s important that buyers shop around to secure the best mortgage to suit them, and especially if interest rates rise further in 2022 to help curb inflation.

“The impact of the Omicron variant on the wider economy is unclear, but it could only delay likely further rate hikes.

“In the longer-term, more flexible, affordable mortgage options are needed to support buyers, regardless of economic trends.”