UK house prices were unchanged in November, holding steady after a 0.5% rise in October, according to the latest Halifax House Price Index.
The average property price increased slightly by £139, reaching £299,892 — a new record high. However, growth momentum slowed. Annual house price inflation eased to 0.7%, down from 1.9% in October, marking the weakest pace since March 2024.
Amanda Bryden, Head of Mortgages at Halifax, explained that the softer annual figure mainly reflects a base effect, as prices were rising more strongly during the same period last year.
She noted that overall stability has been a defining feature of the housing market this year. “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 spring’s Stamp Duty changes and uncertainty ahead of the Autumn Budget, property values have remained steady,” Bryden said.
A clear regional divide also emerged. Northern Ireland continued to outperform the rest of the UK, with annual growth of 8.9% and an average price of £220,716. Scotland saw prices rise 3.7% to £216,781, while Wales posted 1.9% growth, bringing the average to £229,430.
Across England, the North West recorded the strongest annual rise at 3.2%, followed by the North East at 2.9%. In contrast, London experienced a 1.0% annual decline. The South East and Eastern England saw slight drops of 0.3% and 0.1% respectively. Nonetheless, London remains the UK’s most expensive region, with an average price of £539,766.
Housing activity data presented a mixed picture. HMRC figures showed that home sales increased 1.8% in October to 98,450 transactions, though this level remained 2.1% below October 2024. Bank of England data showed mortgage approvals fell 1.0% to 65,018 in October, down 4.9% compared with a year earlier.
The RICS Residential Market Survey for October described the sales environment as “subdued.” New buyer inquiries posted a negative net balance of -24%, a slight deterioration from -21% in September.
Still, there were positive signs for first-time buyers. Bryden highlighted that affordability is now at its strongest level since late 2015 when comparing house prices to average incomes. Mortgage costs as a share of income have also fallen to their lowest point in roughly three years.
Looking ahead, Halifax expects gradual house price growth into 2026, supported by steady demand and expectations of further interest rate cuts.
