UK house prices see tamest yearly growth since March 2024 - Halifax
UK house prices were steady last month, while annual growth slowed, numbers from Halifax showed Friday.
House prices barely budged on-month in November, with the average price inching up to £299,892 from £299,754 in October. A rise of 0.4% was expected for November, according to market consensus cited by FXStreet. November’s average price still was a record high.
Annual house price growth abated to 0.7% in November from 1.9% in October. It is the weakest annual rise since March 2024, Halifax says.
‘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,’ Halifax analyst Amanda Bryden said.
Numbers from Nationwide on Tuesday also showed weak UK house price growth. Annual growth slowed to 1.8% in November from 2.4% in October, Nationwide said.
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