House prices stalled month-on-month in November, says Halifax
House prices stalled month-on-month in November, although a slight increase of some £138 in the average property value was still enough to push it to a new record high, according to one index.
Halifax recorded a 0.0% month-on-month change in the average house price in November, following a monthly increase of 0.5% in October.
In cash terms, the average house price crept up by some £138 month-on-month, which took the average house price to £299,892 – a new record.
Annual growth in property values slowed sharply to 0.7%, down from 1.9% in October.
Amanda Bryden, head of mortgages, Halifax, said: “Average house prices were broadly unchanged in November, edging up by £138 compared to October, with the typical property now costing £299,892.
“Annual growth has slowed to 0.7%, the weakest rate since March 2024, though this largely reflects the base effect of much stronger price growth this time last 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 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.
“Looking ahead, with market activity steady and expectations of further interest rate reductions to come, we anticipate property prices will continue to grow gradually into 2026.”
Northern Ireland remains the strongest performing nation or region in the UK, with average property prices rising by 8.9% over the past year, Halifax said. The typical home in Northern Ireland costs £220,716, according to the report.
Annual house price growth of 3.7% was recorded in Scotland in November, with the average property value at £216,781. In Wales, average property values rose by 1.9% year-on-year to stand at £229,430.
In England, the North West recorded the highest annual growth rate, with property prices rising by 3.2% annually to £245,070.
In parts of southern England there were some price falls, with 1.0% annual decreases recorded in London and Eastern England, and a 0.3% annual fall in the South East.
London remains the most expensive part of the UK, with an average property price of £539,766.
Karen Noye, a mortgage expert at wealth manager Quilter, said: “The dust has now settled post-Budget, giving borrowers a clearer view of what the early months of 2026 may look like."
In the Budget, the Chancellor Rachel Reeves announced a high-value council tax surcharge in England on homes above £2 million from April 2028.
There will be four price bands with the surcharge, starting at £2,500-a-year for properties worth more than £2 million, and rising to £7,500 for properties worth more than £5 million.
Ms Noye said: “The new mansion tax was only announced last week, so it has had no bearing on this month’s figures and its wider impact is likely to be limited."