UK house prices nudged higher in November, according to figures from Halifax.
The lender’s House Price Index showed prices rose by 0.5% in November, following a rise of 1.2% in October.
On an annual basis, property prices dropped by 1.0%, down from a 3.1% decline in October.
Halifax said a typical UK home now costs £283,615, around £1,300 more than last month.
The reports showed south east England continues to see most downward pressure on house prices.
Kim Kinnaird, director, Halifax Mortgages, said that over the last year, “despite the wider economic headwinds, property prices have held up better than expected”.
But she explained the resilience continues to be underpinned by a shortage of properties available, rather than any significant strengthening of buyer demand.
On a more optimistic note, Kinnaird suggested that with mortgage rates starting to ease slightly, this may be leading to increased buyer confidence.
“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,” she said.