Average UK house price remained almost flat month-on-month in November – Halifax

House prices According to one index, gains were flat month-on-month in November, although a modest rise of some £138 in the average property price was still enough to push it to a new record high.

halifax The median home price recorded a 0.0% month-over-month change in November, following a 0.5% monthly increase in October.

In cash terms, the average house price increased by almost £138 month-on-month, bringing the average house price to £299,892 – a new record.

Annual growth in property values ​​slowed sharply to 0.7%, from 1.9% in October.

Halifax head of mortgage Amanda Bryden said: “Average house prices remained broadly unchanged in November, rising by £138 compared to October, with the typical property now priced at £299,892.

“Annual growth slowed to 0.7%, the weakest rate since March 2024, although this largely reflects the base effect of very strong price growth this time last year.

“This stability in average prices reflects what has been one of the most stable years for the housing market in the last decade. Even with stamp duty changes in the spring and some uncertainty ahead of the autumn budget, property values ​​remain stable.

“While slow growth may disappoint some existing home owners, it is welcome news for first-time buyers. When comparing property prices with median incomes, affordability is now the strongest since the end of 2015.

“Considering today’s high interest rates, mortgage costs as a share of income are at their lowest level in almost three years.

“Looking ahead, with market activity stable and further interest rate cuts expected, we forecast that asset prices will continue to rise gradually until 2026.”

northern ireland Halifax, it said, remains the strongest performing country or region in the UK, with average property prices rising 8.9% last year. According to the report, the typical house price in Northern Ireland is £220,716.

Annual house price growth recorded at 3.7% scotland In November, the average price of a property was £216,781. In walesThe average property price rose 1.9% year-on-year to £229,430.

In England, the highest annual growth rate was recorded in the North West, where property prices rose 3.2% year-on-year to £245,070.

Prices fell slightly in parts of southern England, with London and eastern England recording a 1.0% annual decline, and the South East recording a 0.3% annual decline.

London remains the most expensive part of the UK, with the average property price at £539,766.

Jason Tebb, chairman of OnTheMarket, said the housing market showed “considerable resilience” to 2025, but added: “The national average figures hide significant regional differences, with the market performing stronger in the North than in the more expensive South, where affordability is an issue.”

Ian McKenzie, chief executive of The Guild of Property Professionals, said: “Conditions remain the same on the ground with an oversupply of homes on the market compared to last year. Buyers have more choice than in years, and the increase in supply is naturally keeping price growth in check in the short term.”

Karen Noye, a mortgage expert at wealth manager Quilter, said: “The post-Budget dust has now settled, giving borrowers a clearer view of the early months of 2026.

“Affordability remains the biggest hurdle. Inflation has eased and expectations of the first rate cut in December are rising, but mortgage pricing is still sensitive to changes in swap rates (which lenders use to price mortgages) and global pressures.

“While fixed rates have fallen, progress is still being made slowly and high living costs are limiting how far borrowing power can extend, especially for first-time buyers.

“Mortgage activity shows a market that wants to move but is still cautious. Lenders are competing hard at the lower loan-to-value bands, while higher LTV (loan-to-value) deals remain expensive.

“Lenders scrapping old fixed rates are opting for shorter terms as they wait to see how borrowing costs will evolve in 2026.”

In the Budget, the government announced a high-value council tax surcharge on homes worth more than £2 million in England from April 2028.

There will be four price bands with a surcharge, starting at £2,500 per year for properties worth more than £2 million, and rising to £7,500 for properties worth more than £5 million.

Ms Noe said: “The new mansion tax was only announced last week, so it has had no impact on this month’s figures and its wider impact is likely to be limited.

“However, this may create pressure for some older home owners who are asset rich but not cash rich and now need to factor in the annual fee.”

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “House prices have not been rising rapidly for some time, and in November, they remained almost flat.

“We are bracing for a particularly dull year for property overall, with average prices up just 0.7% so far this year – well lagging inflation.

“The stagnation is largely due to uncertainty. It’s not just pre-Budget jitters that pervade the market and prompt buyers to wait things out, it’s also the weakening of the labor market that is making some people worried about taking on new financial responsibilities.

“Things could be a little better in the new year. There’s a good chance of a (Bank of England base) rate cut later this month, and mortgage rates continuing to fall. Given that wages are rising faster than both inflation and house prices, this could help bring properties within reach. The renewed enthusiasm we often see in January could be enough to excite the market.”

Jonathan Handford, managing director of estate agents Fine & Country, said: “For sellers, stability is no bad outcome. We are seeing strong interest where homes are realistically priced and well presented, but buyers are more discerning than in previous years.

“With higher stock levels in many areas, there is increased competition between sellers to attract the right buyers, so presentation, value and transparency matter more than ever. Homes that shine are still attracting quality people.”

Here are the average house prices and annual changes, according to Halifax (regional annual change figures are based on the most recent three months of approved mortgage transaction data):

East Midlands, £246,002, 1.4%

Eastern England, £334,795, minus 0.1%

London, £539,766, minus 1.0%

North East, £180,939, 2.9%

North West, £245,070, 3.2%

Northern Ireland, £220,716, 8.9%

Scotland, £216,781, 3.7%

South East, £388,207, minus 0.3%

South West, £306,271, 0.3%

Wales, £229,430, 1.9%

West Midlands, £261,420, 1.3%

Yorkshire and Humber, £216,159, 1.8%