- Prior +0.6%; revised to +0.5%
- House prices +0.7% y/y
- Prior +1.9%
UK house prices were steady in November as the yearly growth slows, though the average property price is seen inching up to a new record high of £299,892. Resilient. Halifax notes that:
“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.”
