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Halifax: prices increase by 1.3% in November

ended 06. December 2024

The Halifax House Price Index has been published this morning. It shows house prices increased by +1.3% in November, a fifth consecutive monthly increase and that property prices are up +4.8% on an annual basis (vs +4.0% last month). Newspage asked experts for their views, below.

8 responses from the Newspage community

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Rohit Kohli
Director at The Mortgage Stop
The Halifax data shows a continued recovery in the housing market, with house prices rising for the fifth consecutive month and annual growth now at 4.8%. It’s encouraging to see strong performance in regions like Northern Ireland, the North West and the West Midlands, highlighting the resilience of local markets. However, affordability challenges remain a concern, especially with borrowing costs still above pre-pandemic levels. Recent spikes in rates, driven by market reactions to government actions like the Budget, show how fragile confidence remains. The Labour government needs to wake up to the fact that businesses and borrowers are crying out for stability and certainty. Without decisive action to restore confidence, these positive trends risk being short-lived.
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Stephen Perkins
Managing Director at Yellow Brick Mortgages
The Halifax index mirrors the Nationwide one last week, showing that a lack of supply is still driving up prices despite the economic undercurrents. This data paints a rosy picture but the real picture is anything but.
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Emma Jones
Managing Director at Whenthebanksaysno.co.uk
Modest house price growth certainly looks likely in 2025 as the economy grapples with the impact of the Budget and affordability issues persist. Mortgage rates are higher than what they were for a long time and, even though they've started to come down this week, they are still a challenge for many.
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Patricia McGirr
Founder at Repossession Rescue Network
House prices are on a hot streak, but let’s not mistake momentum for stability. A 4.8% annual rise sounds like a win, until you factor in volatile mortgage rates, cash-strapped buyers and a Budget that offered homeowners and businesses little reprieve. The market’s resilience is impressive, but it’s a precarious balancing act.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
House prices are rising faster than Christmas shopping bills, with a 1.3% bump in November and 4.8% annual growth. It seems the UK housing market has more staying power than a mince pie at a Christmas party. While sellers have reason to celebrate, first-time buyers might be feeling like they’re on Santa’s naughty list. Let’s see if this momentum carries into the new year or if the market finally decides to take a nap after the festivities.
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Ben Perks
Managing Director at Orchard Financial Advisers
Reassuring news for homeowners. Despite the economy being flaky across many sectors, bricks and mortar remains strong. Welcome news after a more positive week for mortgage rates.
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Simon Bridgland
Broker at Charwin Private Clients
What’s not to like? A good run of five months' continuous growth will filter through to the home owning public's sentiment. Carried along with some year end fixed rate price drops, this should give home owners something to smile about. The numbers in the story are not all good news though, the aspirations of so many working people, giving blood, sweat and tears to pull together the resources to be able to buy are being dealt a double whammy, the continued increase in price, and now the looming SDLT increases as the honeymoon period of reduced rate and FTB discount is removed come 30th March. One step forward, two back for the wannabe homeowner.
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Iain Swatton
Director at Exemplar Financial Services
The Halifax House Price Index shows a 1.3% rise in November, following similar figures from Nationwide earlier this week, highlights the housing market’s resilience. With the spring stamp duty deadline approaching and recent rate reductions providing a boost, there’s growing momentum that could carry the market into 2025 with cautious optimism.