House prices hit record high in November

UK house prices were broadly flat in November, rising by just £138 month-on-month to a record £299,892, according to Halifax. Annual growth slowed sharply to 0.7%, the weakest since March 2024, reflecting a stable but subdued market shaped by budget uncertainty, high mortgage rates and softer employment. Affordability has improved to its best level since 2015, with mortgage costs as a share of income at a three-year low. Regional trends remain varied: Northern Ireland led the UK with 8.9% annual growth, followed by the North West at 3.2%. Scotland recorded 3.7% growth, Wales 1.9%. Prices fell in London and the East and South East of England, with London still the most expensive region at £539,766. Analysts expect more activity in early 2026, supported by falling interest rates and stable mortgage approvals. The new council tax surcharge on £2m+ homes is expected to have only limited market impact due to the small number of affected properties.

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