Halifax House Price Index November 2024

December 6, 2024

House prices in November 2024 were 4.8% higher than the same month a year earlier.

  • House prices increased by +1.3% in November, a fifth consecutive monthly
    increase
  • Property prices are up +4.8% on an annual basis (vs +4.0% last month)
  • Typical property now costs £298,083, a new record
  • Northern Ireland continues to record the strongest annual house price growth in
    the UK

Amanda Bryden, Head of Mortgages, 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.”

Nations and regions house prices

Northern Ireland continues to record the strongest property price growth of any nation or region in the
UK, rising by +6.8% on an annual basis in November. Properties in Northern Ireland now cost an
average of £203,131.

House prices in the North West recorded the strongest growth of any region in England, up +5.9%,
compared to the previous year, with properties now costing an average of £237,045.

Properties in the West Midlands also saw strong growth, increasing +5.5% on an annual basis to an
average house price of £257,982.

Once again Scotland saw a more modest rise in house prices compared to the rest of the UK,
property here now costs £208,957, +2.8% more than the year before.

London retains the top spot for the highest average house price in the UK, at £545,439, up +3.5%
compared to last year.

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