Finance

House prices rise but average property still £11.3k cheaper than one year ago


UK rose for the second month in a row, but remain lower than this time last year.

The typical home now costs £283,615, which works out around £1,300 more than last month, the latest Halifax House Price Index suggests.

Northern Ireland is the strongest performing nation or region in the UK, with house prices increasing by 2.3 percent on an annual basis.

Properties in Northern Ireland now cost an average £189,684, which is £4,294 higher than the same time last year. Meanwhile, house prices in Scotland also continue to show resilience, though growth has flattened over the last year (0.0 percent), with the average property in the country now costing £203,116.

Wales recorded one of the lowest annual falls (-1.5 percent), with homes selling for an average of £215,787 in November.

At the other end of the scale, property prices in the South East fell most sharply when compared to other UK regions over the last year (-5.7 percent) to £373,943, a drop of £22,702.

London retains the top spot for the highest average house price in the UK, at £524,592, though prices in the capital have now fallen by 3.8 percent on an annual basis.

Kim Kinnaird, director at Halifax Mortgages, commented: “UK house prices rose for the second month in a row, up by 0.5 percent 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 one percent on an annual basis, and still some £40,000 above pre-pandemic levels.”

According to Ms Kinnaird, 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.

However, she noted: “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.”

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