Record high UK house prices recorded in November
December 22, 2024 by Mark
House Prices
The latest figures to be released concerning the housing market in the UK show that the average price of a house during November high a new record high.
Those figures are taken from the new house price index published by Halifax and they reveal that the average price for the month was £298,083. That is the highest figure to be recorded since Halifax began producing its price index. It also means that last month was the fifth in a row to bring a rise in the average price of a home across the country.
The scale of the month-to-month price increase was 1.3%, which is the largest monthly rise in prices that 2024 has seen. When looked at on an annual basis, the scale of the increase was 4.8% in November. The annual rise during October was 4%, so again this is part of a longer-term trend.
In terms of regional growth, Northern Ireland was the area that performed best in November. It witnessed a 6.8% year-on-year rise in house prices, which took the average price of a home there to £203,131.
Amanda Bryden from Halifax pointed out to Mortgage Strategy that:
“Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boosts buyer confidence.”
She then went on to say that it was important not to ignore the affordability issues that a lot of buyers are still faced with.
This latter point is why many advisors with the CeMAP qualification are guiding their clients towards the specialist market.
Written by
Mark
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