UK house prices have plateaued as yearly growth slows, the latest Halifax house price index shows.
Average house prices were broadly unchanged in November, edging up by £138 compared to October, with the typical property now costing a record £299,892.
Annual growth has slowed from 1.9% in October to 0.7%, the weakest rate since March 2024, though Halifax says this largely reflects the base effect of much stronger price growth this time last year.
Northern Ireland remains the strongest performing nation or region in the UK, with average property prices rising by 8.9% over the past year, up from 7.9% last month.
Scotland recorded annual price growth of 3.7% in November, up to an average of £216,781. In Wales property values rose 1.9% year-on-year to £229,430.
In England, the North West recorded the highest annual growth rate, with property prices rising by 3.2%, followed by the North East with growth of 2.9%.
Further south, three regions saw prices decrease in November. In London prices fell by -1.0%, the South East by -0.3% and Eastern England by -0.1%.
Amanda Bryden, head of mortgages at Halifax, said: “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.”
Jonathan Handford, managing director at Fine & Country, commented: “In today’s climate, a month when house prices are neither rising nor falling is still a sign of underlying resilience. With so much economic noise in the background, a steady month suggests that confidence among committed buyers is holding up and that the market is continuing to find its balance.
“For sellers, stability is not a bad result. We’re seeing strong interest where homes are priced realistically and presented well, but buyers are more discerning than in previous years.
“With greater stock levels in many areas, there is increased competition among sellers to attract the right buyers, so presentation, value and transparency matter more than ever. The homes that shine are still attracting quality leads.
“A flat month in price growth also signals an opportunity for buyers. Affordability pressures have begun to ease slightly, and with prices neither rising nor falling sharply, conditions remain favourable for those ready to move quickly. Many households are reassured by this period of consistency, which allows them to plan with more confidence.
“With the Autumn Budget having reshaped parts of the property landscape, particularly at the higher end, the next few months will be about clarity and implementation. As long as policy remains predictable and borrowing costs continue their gradual easing, we expect this steady footing to carry into early 2026.
“The market may not be accelerating, but it is holding firm, and for many buyers and sellers, that’s exactly what they need right now.”
Jason Tebb, president of OnTheMarket, added: “The housing market showed considerable resilience this year, shaking off external economic concerns and holding up remarkably well even when the stamp duty concession ended and when speculation was rife as to what property taxes the Budget might contain. However, national average figures conceal significant regional differences with the market performing stronger in the north than the more expensive south, where affordability is more of an issue.
"Confidence among buyers and sellers has been boosted by five base rate cuts over the past 16 months. Whether there is another reduction this month, or borrowers have to wait until the new year, there is finally a stability in the market which is helpful. Further reductions in base rate will assist with affordability, stimulate the market and encourage activity into the new year.”
