UK House Prices Reach Record High of £298,083 in November

Halifax reports fifth consecutive monthly rise, with annual growth at 4.8% driven by strong demand and easing mortgage rates.

The average UK house price increased by 1.3% in November, marking the largest monthly rise of 2024 and reaching a record £298,083.
Annual house price growth accelerated to 4.8%, the highest rate since November 2022, supported by strong employment figures and anticipated interest rate cuts.
Northern Ireland recorded the strongest annual growth at 6.8%, while the North West of England saw the highest regional growth in England at 5.9%.
The upcoming end of temporary stamp duty relief in April 2025 is expected to drive a short-term increase in transactions, particularly among first-time buyers.
Affordability challenges persist, with high borrowing costs and larger deposit requirements continuing to impact buyer confidence, particularly for first-time buyers.