The Halifax House Price Index for November 2023 is out today – lets take a look…
Last month’s data shows that UK house prices has rose for the second month in a row, up by +0.5% in November or £1,394 in cash terms, with the average house price now sitting at £283,615.
It seems like over the last year, despite the wider economic headwinds, property prices have held up better than expected, falling by a relatively modest -1.0% on an annual basis, and still some £40,000 above pre-pandemic levels.
Commenting on the latest figures Halifax Mortgages director Kim Kinnaird said: “The resilience seen in house prices during 2023 continues to be underpinned by a shortage of properties available, rather than any significant strengthening of buyer demand. That said, recent figures for mortgage approvals suggest a slight uptick in activity levels, which is likely as a result of an improving picture on affordability for homebuyers”.
However, the economic conditions remain uncertain at the moment, making it hard to assess the extent to which market activity will be maintained. Other pressures – like inflation, the broader cost of living, overall employment rates and affordability – mean we expect to see downward pressure on house prices into next year.
Here is a quick summary:
The next Halifax House Price Index is scheduled for release on Friday 5th January 2024.