House prices rise for second month in a row

This means the typical UK home now costs £283,615 – around £1,300 more than last month. However, property prices dropped by one percent on an annual basis, although this is up by more than two percent on the 3.1% decrease seen last month.

Meanwhile, the south east of England continues to see the most downward pressure on house prices – falling by 5.7% over the past year to £373,943, a drop of £22,702. By contrast, Northern Ireland is the strongest performing nation or region in the UK, with house prices increasing by 2.3%.  

Turning to the other nations in the country, and while house prices in Scotland continued show resilience growth flattened over the last year with the average property in the country now costing £203,116. Wales recorded one of the lowest annual falls, decreasing by 1.5% with homes selling for an average of £215,787.  

As for London, this retained 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% on an annual basis.  

Halifax Mortgages’ director Kim Kinnaird said: “UK house prices rose for the second month in a row, up by 0.5% 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. 

“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. That said, 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.

“However, the economic conditions remain uncertain, making it hard to assess the extent to which market activity will be maintained. Other pressures – like inflation, the broader cost of living, overall employment rates and affordability – mean we expect to see downward pressure on house prices into next year.”