Halifax says price of average home hit record of £276,091 in December, up more than £24,000 over the year

UK house prices rose by 9.8% last year, the fastest rate since 2007, but the boom is predicted to end this year as household finances come under increasing pressure, according to Halifax.

The price of the average UK home hit a record high of £276,091 in December, up more than £24,000 over the year, the biggest annual increase since 2003.

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