UK house prices hike 4.8% annually in November, most in two years

Average property price in the UK reaches a record £298,083 ($380,144)

House prices in the UK increased by 4.8% at an annualized pace in November, the fastest rate of growth in two years, according to Halifax data on Friday. On a monthly basis, house prices rose 1.3% in November, marking the largest monthly rise since June 2022. The average property price rose to a new record high of £298,083 ($380,144) in the month. Amanda Bryden, head of mortgages at Halifax, said that the latest data highlights growing demand for mortgages, supported by lower mortgage rates, which have helped to restore confidence among buyers. However, she noted that many prospective buyers and homeowners still face challenges with affordability due to broader economic uncertainties. Bryden expressed optimism about the housing market, saying: "As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand. This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago."