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Nationwide HPI: Annual house price growth slows in November

ended 02. December 2025

The annual house price growth has slowed in November, Nationwide's House Price Index has revealed.

The annual house price growth softened slightly to 1.8% and house prices were up 0.3% month on month.

Robert Gardner, Nationwide's chief economist, said: “November saw a slight softening in the rate of annual house price growth to 1.8%, from 2.4% in October. However, prices increased by 0.3% month on month, after taking account of seasonal effects.

“The housing market has remained fairly stable in recent months, with house prices rising at a modest pace and the number of mortgages approved for house purchase maintained at similar levels to those prevailing before the pandemic.

“Against a backdrop of subdued consumer confidence and signs of weakening in the labour market, this performance indicates resilience, especially since mortgage rates are more than double the level they were before Covid struck and house prices are close to all-time highs."

  • What are your views? 
  • How does this affect the property market?
  • How does this affect mortgages?

Responses ASAP.

8 responses from the Newspage community

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Samuel Mather-Holgate
Managing Director & IFA at Mather and Murray Financial
Torture the economy and the housing market cracks. Rachel Reeves has been waterboarding the economy for months, by hiking taxes, delaying the budget like a child who hasn’t done her homework and making the uk a hostile environment to do business. These have combined to shake the housing market into slowing values and drying up transactions. House prices are now only up 1.8% on the year and consumer confidence is decreasing. This is despite no changes to stamp duty and falling rates. Reeves needs to revisit her recent budget and find some incentives for the property sector.
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Michelle Lawson
Director at Lawson Financial
This data just reflects how sluggish the UK has become. People were initially waiting to hear the Budget but with it being so close to Christmas, things have flatlined earlier than normal. Labour have completely damaged just about every element of the economy which will take significant time to recover. 2026 needs to start with an explosion of innovation to get things moving as the housing market is the pillar in so many other avenues of the economy.
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Justin Moy
Managing Director at EHF Mortgages
Both property prices and mortgages have been treading water for some time, whilst buyers have waited to see which rumours from the chancellors office were to come true. Now that the parameters have been set, the property market now hits an annual slow at Christmas. Months of potential activity lost, along with people’s confidence of the UK, as we all might as well shut up shop and comeback in 2026.
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Katy Eatenton
Mortgage & Protection Specialist at Eatenton Finance
This is further proof of the damaging ripple effect that Rachel Reeves and the budget has created. The property market has has basically been on pause for the last two months waiting to see how bad it would be.

The positive outcome is tha house prices are still rising and hopefully now we know where we stand, things will start moving again

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Riz Malik
Independent Financial Adviser at R3 Wealth
Rachel is not on the housing market's Christmas card list this year, having killed the housing market in the last quarter of this year. Let's find out shortly if the Bank of England will be. Were we lied about the £1.5m homes? That is the question.
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Ken James
Director at Contractor Mortgage Services
And here’s some Christmas cheer, Everything’s more expensive, everyone’s more stressed, but house prices? Still climbing. Of course.
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Chris Barry
Director at Thomas Legal
Adding seasonal adjustments to today’s data is completely nonsensical given the late timing of the budget and constant leaks providing uncertainty which without doubt impacts client behaviour.

We saw a 30% drop in new clients wanting to purchase when compared to the month prior. This was lead by 6 weeks of the government communicating to the public that there will be a rise to income tax, other taxes would have to increase and times will get harder. Those looking to commit to a mortgage, especially for the first time will naturally wait for more certainty.

House prices growth will continue to reduce as a result of a quiet November and December is naturally quiet due to reduced working days and clients focusing on family time.

We do however remain hopeful next year should see volumes return to average levels
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Rohit Parmar-Mistry
Founder at Pattrn Data
Calling this market ‘resilient’ is like praising a car for running while the engine is on fire. Sure, prices are holding up, but at what cost to actual humans?
We’re seeing a classic disconnect between high-level data and ground-level reality, something I see constantly in the tech world. The spreadsheet says +1.8% growth and 'stability', but the reality is mortgage rates double their pre-Covid levels and a generation locked out. That isn’t a functioning market; it’s a hostage situation.
Like a bad automation project that looks great in a boardroom presentation but fails on the shop floor, these figures mask the friction people are facing. Weakening labour markets and subdued confidence aren't just 'headwinds'; they are evidence the system is straining under the weight of poor economic policy.
We need to stop applauding 'stability' when it means 'consistently unaffordable'. If the housing market only works for those who already have capital, it’s not a market, it’s a closed shop.