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Halifax House Price Index - November 2024

06 December 2024

Average house price rises to hit record high

  • 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 Wales also recorded strong growth, up +4.1%, compared to the previous year, with properties now costing an average of £225,084.

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.

Housing activity

  • HMRC monthly property transaction data shows UK home sales increased in October 2024 compared to the previous month. UK seasonally adjusted (SA) residential transactions in October 2024 totalled 100,410 – up by 9.5% from Septembers figure of 91,690 (up +17.5% on a non-SA basis). Quarterly SA transactions (August 2024 – October 2024) were approximately +3.0% higher than the preceding three months (May 2023 - July 2024). Year-on-year SA transactions were +21.0% higher than October 2023 (+23.1% higher on a non-SA basis). (Source: HMRC)

  • Latest Bank of England figures show the number of mortgages approved to finance house purchases increased in October 2024, by +3.3% to 68,303. Year-on-year the figure was +41.5% above October 2023. (Source: Bank of England, seasonally-adjusted figures)

  • The RICS Residential Market Survey results for October 2024 continue to show an improving market backdrop, with agreed sales and new buyer enquires remaining positive. New buyer enquiries recorded a net reading of +12%, its forth consecutive positive monthly reading (previously +13%). Net agreed sales is up to +9% from +5%, with new instructions at +14% from +23%. (Source: Royal Institution of Chartered Surveyors (RICS) monthly report