UK House Prices See Biggest Monthly Jump in Nearly Two Years

Nationwide reports a 1.2% rise in November, pushing annual growth to 3.7% despite stretched affordability and high mortgage rates.

The average UK house price rose to £268,144 in November, marking a 1.2% monthly increase, the largest since March 2022.
Annual house price growth accelerated to 3.7% in November, up from 2.4% in October, nearing the all-time peak of summer 2022.
Nationwide attributes the growth to strong labor market conditions, low unemployment, and rising incomes, despite high interest rates and stretched affordability.
Upcoming stamp duty changes in April 2025 are expected to drive a surge in transactions in early 2025, followed by a potential slowdown.
Experts caution that while buyer activity remains strong, the market's resilience will be tested in the new year as affordability pressures persist.