The Halifax House Price Index for November has been released, and the headline is clear: UK house prices flatlined last month, reflecting a market that remains remarkably stable despite political and economic uncertainty.
Key highlights:
- Monthly Growth: houses prices have remained the same in November (+0.0%) despite a small spike in October with (+0.5%)
- Annual Change: slowed down to +0.7%, down from 1.9% in October – which makes it the weakest rate since March 2024
- Average House Price: £299,892 – setting a record high
- Regional Standouts: Northern Ireland continue to lead with +8.9% annual growth, average property now costs £220,716
- First-Time Buyer Affordability: conditions have improved slightly, with lower mortgage rates and slower price growth easing entry barriers. However, deposits remain a significant hurdle, and affordability varies widely by region.
Why the slowdown?
The recent change in house price growth is mainly due to comparisons with last year, when prices rose much more sharply. This makes the current annual growth look smaller. Added to that, uncertainty around government spending plans and an increase in homes coming onto the market have kept prices steady.
While this slower pace might not please homeowners hoping for big gains, it’s positive news for first-time buyers. More stable prices and improving affordability create better opportunities for those looking to get on the property ladder.
Looking into the future
Halifax expects gradual price growth into 2026, supported by steady market activity and anticipated interest rate reductions.
- Regional Outlook: Northern regions and Scotland may see stronger performance, while London and the Southeast could remain subdued.
- Legal Perspective: Conveyancers should prepare for steady transaction volumes, with clients increasingly focused on affordability, shared ownership, and flexible financing options. Advising on mortgage structures and deposit assistance will remain critical.
The next Halifax House Price Index is scheduled for release on Thursday 8th January 2026.
