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UK house prices increased in November for the second month in a row, following a prior streak of six successive monthly falls, according to mortgage lender Halifax.
The average house price index increased 0.5% in November from October. Prices had increased from an upwardly revised 1.2% in October from September. On an annual basis, prices were 1.0% lower, easing from a 3.1% fall in September. The year-on-year reading for October was nudged higher from an initially reported 3.2% fall. The data from October had initially showed prices rose 1.1% on-month.
The typical UK home cost £283,615 in November, around £1,300 higher than in October.
Halifax said South East England continues to see most downward pressure on house prices.
‘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,’ said Halifax Mortgages Director Kim Kinnaird.
‘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.’
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