The average UK house price hits a new record high as Yorkshire reaches £212,385

Property values rose by 1.3 per cent month-on-month, marking the fifth increase in a row, Halifax said.

On an annual basis, house prices increased by 4.8 per cent in November, accelerating from four per cent growth in October.

The average house price in Yorkshire and the Humber is now £212,385, a 4.7 per cent rise, annually.

Amanda Bryden , head of mortgages at Halifax, said: "Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence.

"However, despite these positive trends, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop.

"As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand.

"This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago."

Northern Ireland continues to record the strongest property price growth, with values rising by 6.8 per cent annually, Halifax said.

House prices in the North West recorded the strongest growth of any region in England , with values up by 5.9 per cent.

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Scotland saw a more modest rise in house prices compared with elsewhere in the UK, with a 2.8 per cent annual increase.

The forecast edition of the latest House Price Index from property website Zoopla expects house prices and sales volumes to continue to grow in 2025.

Richard Donnell, executive director at Zoopla, said: “Higher income growth and lower mortgage rates have helped reset housing affordability faster than many expected over 2024. This has supported an increase in the number of sales and house prices over the year which we expect to continue over 2025.”