UK house prices were unchanged in November after a rise of 0.5% in October. The average property price reached £299,892, according to the data from lender Halifax.
Annual growth slowed to 0.7%. Halifax said the weaker rate reflected stronger price growth a year ago.
Amanda Bryden, head of mortgages at Halifax, said: “Average house prices were broadly unchanged in November, edging up by £139 compared to October, with the typical property now costing £299,892. Annual growth has slowed to +0.7%, the weakest rate since March 2024, though this largely reflects the base effect of much stronger price growth this time last year.
“This consistency in average prices reflects what has been one of the most stable years for the housing market over the last decade. Even with the changes to Stamp Duty back in spring and some uncertainty ahead of the Autumn Budget, property values have remained steady.
“While slower growth may disappoint some existing homeowners, it’s welcome news for first-time buyers. Comparing property prices to average incomes, affordability is now at its strongest since late 2015. Taking into account today’s higher interest rates, mortgage costs as a share of income are at their lowest level in around three years.
“Looking ahead, with market activity steady and expectations of further interest rate reductions to come, we anticipate property prices will continue to grow gradually into 2026.”
Regional data showed that Northern Ireland recorded annual growth of 8.90% with an average price of £220,716. Scotland saw growth of 3.70% and Wales 1.90%. The North West was the strongest English region at 3.20%. London, the South East and Eastern England posted annual declines.
Housing activity indicators were mixed. HMRC reported seasonally adjusted transactions of 98,450 in October, up 1.80% on the month. Mortgage approvals fell by 1.00% to 65,018. RICS data showed weaker buyer demand and sales.
Halifax produces the Halifax House Price Index, which tracks property values across the UK.