UK house prices rise for the second month in a row
- Average house prices rose by +0.5% in November, following a rise of +1.2% in October
- Property prices dropped by -1.0% on an annual basis (vs -3.1% last month)
- Typical UK home now costs £283,615, around £1,300 more than last month
- South East England continues to see most downward pressure on house prices
Kim Kinnaird, Director, Halifax Mortgages, said:
“UK house prices rose for the second month in a row, up by +0.5% in November or £1,394 in cash terms, with
the average house price now sitting at £283,615. Over the last year, despite the wider economic headwinds,
property prices have held up better than expected, falling by a relatively modest -1.0% on an annual basis, and
still some £40,000 above pre-pandemic levels.
The resilience seen in house prices during 2023 continues to be underpinned by a shortage of properties
available, rather than any significant strengthening of buyer demand. That said, recent figures for mortgage
approvals suggest a slight uptick in activity levels, which is likely as a result of an improving picture on
affordability for homebuyers. With mortgage rates starting to ease slightly, this may be leading to increased
buyer confidence, seeing people more inclined to push ahead with their home purchases. However, the economic conditions remain uncertain, making it hard to assess the extent to which market
activity will be maintained. Other pressures – like inflation, the broader cost of living, overall employment rates
and affordability – mean we expect to see downward pressure on house prices into next year.”
Read the full report for more insights on the current state of the UK housing market: Halifax Price Index November 2023
Source: Halifax
