UK property prices rise 1.3% in November

In November, the average house price in the UK reached a record high of £298,083, marking a 1.3% increase, the largest rise this year. Amanda Bryden, head of mortgages at Halifax, noted: “Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence.” Despite this positive trend, Bryden cautioned that many buyers still face affordability challenges, stating: "A changeable economic backdrop may test buyer confidence." Northern Ireland experienced the strongest annual growth at 6.8%, while London maintained the highest average price at £545,439, up 3.5% from last year. Overall, property prices are up 4.8% annually, the highest increase since November 2022.