Wednesday, February 21, 2024
UK

House prices rose for second successive month in November

House prices

Average UK house prices jumped 0.5 per cent to £283,615, some £1,300 more than in October, as per the latest figures from lender Halifax

UK house prices increased for the second successive month in November, led by a shortage of properties available on the market and some mortgage relief.

Average UK house prices jumped 0.5 per cent to £283,615, some £1,300 more than in October, as per the latest figures from lender Halifax.

It was the second consecutive monthly gain following six successive declines before that.

Nevertheless, it was still a 1 per cent decline compared with November a year ago, a sharp decline from the 3.1 per cent drop in the year to October.

Prices increased the most in Northern Ireland, with house prices rising by 2.3 per cent on an annual basis to an average £189,684 — £4,294 higher than the same time last year.

House prices in Scotland have flattened over the last year, with the average property in the country costing the same £203,116 as a year back.

Wales logged one of the lowest annual declines at -1.5 per cent, with homes selling for an average of £215,787 in November.

At the other end of the scale, property prices in the South East dropped most sharply when compared to other UK regions over the last year, dropping 5.7 per cent to £373,943 — a decline of £22,702.

London retained the number one spot for the highest average house price in the UK, at £524,592, though prices in the capital have now dropped 3.8 per cent.

Alice Haine, personal finance analyst at Bestinvest, said: While the data offers hope that stability has returned to the property market, it may be the calm before the storm if house prices drop over the course of next year as the drag effect from the BoE’s 14 interest rate hikes continues to filter through to the market.

She said: It means sellers may be compelled to price their homes more competitively to secure a sale while mortgage rates are expected to drop further though remain high in line with the ‘higher for longer’ mantra for interest rates from the BoE.

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