Annual growth in house prices reached 4.8%, up from 4% on the previous month.

According to the report, the average house price hit a new record of £298,083.

London maintained the highest average house price in the UK at £545,439, a 3.5% increase from last year.

The strongest annual house price growth was recorded in Northern Ireland at 6.8%, with an average price of £203,131.

Nathan Emerson, CEO at Propertymark, commented: “We have seen an encouraging transformation across the year in terms of a resilient trend of house price growth.

“Affordability and overall confidence in the sector have also seen a boost throughout the year so far and, with interest rates now easing, many buyers will have increased confidence to approach the housing market.

“We are, however, likely to see a spike in homes for sale and those looking to move home, especially across England and Northern Ireland trying to complete before the rises to Stamp Duty commence from April 2025.”

Amy Reynolds, head of sales at Antony Roberts, said: “The continued increase in average house prices is surprising in light of the affordability challenges and reduced demand in some parts of the country.

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“Buyers may pause to assess the financial implications of a purchase, but high-demand areas are likely to retain interest into the new year and beyond."

Mark Harris, chief executive at SPF Private Clients, added: “The ‘bank of mum and dad’ continues to play a significant role in helping first-time buyers onto the housing ladder.

“With precious little in the Budget to encourage them, and the stamp duty holiday coming to an end in March 2025, this is not going to get any easier.”

Gareth Lewis, managing director at MT Finance, highlighted: “There's definitely evidence of positivity in the housing market, with an increase in purchases and activity as well as prices.

“While this is all encouraging, we still have a long way to go before the market is operating at its full potential.

“What is required is a better balance of supply and demand, boosting transactions and resulting in true values which reflect this activity."

Jeremy Leaf, north London estate agent and a former RICS residential chairman, commented: “The market is showing its teeth, despite the extra Budget taxes in particular reducing the likelihood of early cuts in mortgage cuts and prospect of slower wage growth.

"However, investors hit by higher buying costs are proving unwilling or unable to take on typically smaller one- and two-bedroom homes.

“On the other hand, confirmation that the stamp duty concession will not be extended has given an opportunity to first-time buyers, especially of such properties, to take advantage.

“However, buyers are taking their time before committing as affordability concerns remain."