House price growth stalls in November ahead of Budget - Halifax

(Sharecast News) - UK house price growth stalled in November in the run-up to the Budget, according to figures released by Halifax on Friday. House prices were flat on the month, having risen 0.5% in October.

On the year, meanwhile, growth slowed to 0.7% last month from 1.9% in October. This was the weakest rate of growth since March 2024.

The average price of a house was £299,892 last month, versus £299,754 in October.

Amanda Bryden, head of mortgages at Halifax, said the slowdown in annual growth "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," she said.

"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."