The average house price was almost flat in November, according to the latest Halifax house price index – but the growth of £139 was still enough to push property values to a new record high.
The average house is now worth £299,892, up 4bps for the quarter and 7bps year-on-year.
Northern Ireland remains the strongest performing region in the UK, with average property prices rising by 8.9% over the past year, up from a 7.9% rise last month. The typical home in the region now costs £220,716.
Scotland recorded annual price growth of 3.7% in November, up to an average of £216,781.
In Wales property values rose 1.9% year-on-year to £229,430.
In England, the North West recorded the highest annual growth rate, with property prices rising by 3.2% to £245,070, followed by the North East with growth of 2.9% to £180,939.
Further south, three regions saw prices decrease in November. In London prices fell by 1%, the South East by 3bps and Eastern England by 1bps. The capital remains the most expensive part of the UK, with an average property now costing £539,766.
Halifax head of mortgages Amanda Bryden said: “This consistency in average prices reflects what has been one of the most stable years for the housing market over the last decade. Even with the changes to Stamp Duty back in spring and some uncertainty ahead of the Autumn Budget, property values have remained steady.
“While slower growth may disappoint some existing homeowners, it’s welcome news for first-time buyers. Comparing property prices to average incomes, affordability is now at its strongest since late 2015. Taking into account today’s higher interest rates, mortgage costs as a share of income are at their lowest level in around three years.”
Quilter mortgage expert Karen Noye said: “Affordability remains the biggest hurdle. Inflation has eased and there is growing expectation of a first rate cut in December, but mortgage pricing is still sensitive to shifts in swap rates and global pressures.
“Fixed rates have dipped, yet progress is gradual and high living costs continue to limit how far borrowing power can stretch, particularly for first time buyers.”
Bryden added that Halifax expects property prices to grow gradually into 2026, fuelled by steady market activity and further interest rate cuts from the Bank of England.
