House prices increased by +1.3% in November, a fifth consecutive monthly increase which means property prices are up +4.8% on an annual basis (vs +4.0% last month). Overall, a typical property now costs £298,083, a new record.
Amanda Bryden, Head of Mortgages, Halifax, said:
“UK house prices rose for the fifth month in a row in November, up by +1.3% in the month – the biggest increase so far this year. This pushed the annual growth rate up to +4.8%, its strongest level since November 2022. As a result, the record average house price we saw in October edged higher still, with a typical property now costing £298,083.
“Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence. However, despite these positive trends, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop.
“As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand. This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago.”
Nations and regions house prices
Northern Ireland continues to record the strongest property price growth of any nation or region in the UK, rising by +6.8% on an annual basis in November. Properties in Northern Ireland now cost an average of £203,131.
House prices in Wales also recorded strong growth, up +4.1%, compared to the previous year, with properties now costing an average of £225,084.
House prices in the North West recorded the strongest growth of any region in England, up +5.9%, compared to the previous year, with properties now costing an average of £237,045.
Properties in the West Midlands also saw strong growth, increasing +5.5% on an annual basis to an average house price of £257,982.
Once again Scotland saw a more modest rise in house prices compared to the rest of the UK, property here now costs £208,957, +2.8% more than the year before.
London retains the top spot for the highest average house price in the UK, at £545,439, up +3.5% compared to last year.
