Halifax has reported that UK house prices rose by 1.3% in November 2024, the fifth consecutive monthly increase.
The lender said that property prices were up by 4.8% on an annual basis, compared to 4.0% in October 2024.
It added that a ‘typical’ property now costs £298,083, a new record.

Amanda Bryden, head of mortgages at Halifax, said: “UK house prices rose for the fifth month in a row in November, up by +1.3% in the month – the biggest increase so far this year. This pushed the annual growth rate up to +4.8%, its strongest level since November 2022. As a result, the record average house price we saw in October edged higher still, with a typical property now costing £298,083.
“Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence. However, despite these positive trends, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop.
“As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand. This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago.”

Tomer Aboody, director of specialist lender MT Finance, said: “As mortgage rates came down throughout last year, we have seen a corresponding rise in prices and activity in the housing market, as confidence and affordability enables buyers to take the plunge.
“With tax changes coming in 2025, along with stamp duty amendments brought in by the new Chancellor, the forthcoming year may be sightly different as buyers could be more cautious.
“We are hoping for some of the feel-good factor from 2024 to carry on in this forthcoming quarter, with sellers coming to market and increasing volumes.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman, added: “Although reflecting their customer mortgage offers before the Budget at the end of October, these always-reliable figures confirm what we have been seeing on the ground – in other words, buyers are taking advantage of the improved choice of property and negotiating hard which is resulting in some prices softening.
“Looking forward, nervousness remains as the full impact of the Chancellor’s decisions affect activity and the improved interest from first-time buyers to take advantage of disappearing beneficial stamp duty rates gradually eases out of the figures.”