Halifax has released new data that reveals average house prices in the UK have grown by 1.3% in November, marking the fifth consecutive month of price growth.
Month on month, property prices have risen by 4%, while on an annual basis prices have grown by 4.8%.
According to Halifax’s data, UK house prices now stand at £298,083 – a new record high.
The strongest area of property growth is in Northern Ireland, with prices rising by 6.8% year on year. The average price of a property in the country is now £203,131.
The North West saw a rise of 5.9% compared to last year, with the price of a typical home in the region now standing at £237,045.
There was also strong growth in the Midlands, with annual prices rising 5.5% to leave the average property price at £257,982.
Scotland saw modest price rises compared to other parts of the UK. Prices rose by 2.8% year on year and it now costs an average of £208,957 to buy a property.
The highest average price is in London (£545,439) which is an increase of 3.5% on last year.
Amanda Bryden, Head of Mortgages, Halifax, said: “UK house prices rose for the fifth month in a row in November, up by +1.3% in the month - the biggest increase so far this year. This pushed the annual growth rate up to +4.8%, its strongest level since November 2022. As a result, the record average house price we saw in October edged higher still, with a typical property now costing £298,083.
“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."
Nathan Emerson, CEO of Propertymark comments: “We have seen an encouraging transformation across the year in terms of a resilient trend of house price growth. Affordability and overall confidence in the sector have also seen a boost throughout the year so far, and with interest rates now easing, many buyers will have increased confidence to approach the housing market.
"We are, however, likely to see a spike in homes for sale and those looking to move home, especially across England and Northern Ireland trying to complete before the rises to Stamp Duty commence from April 2025.”