House prices show biggest annual leap in six years

House prices recorded its biggest annual leap in six years. The figure was based on mortgages approved during the month; with annual figures based on a comparison of three months on the same period of the previous year, and a straight year-on-year comparison. The low interest rates and improvements in consumer confidence, appear to be top factors that have boosted demand. The move will come into effect in the new year and could lead to an increase in mortgage rates, although brokers predict that competition in the market will prevent any big leap in costs.

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