LONDON (dpa-AFX) - UK house prices stagnated in November ahead of the Autumn budget announcement, data from the mortgage lender Halifax revealed Friday.
House prices registered a nil growth in November after a 0.5 percent rise in October. Prices were forecast to climb 0.2 percent.
Nonetheless, average property prices hit another new record high of GBP 299,892.
Annual growth in house prices eased to 0.7 percent in November, the weakest since March 2024, from 1.9 percent in October.
The slowdown reflects the base effect of much stronger price growth this time last year, said Halifax head of mortgages Amanda Bryden.
'This consistency in average prices reflects what has been one of the most stable years for the housing market over the last decade,' said Bryden.
Even with the changes to Stamp Duty back in spring and some uncertainty ahead of the Autumn Budget, property values have remained steady, she added.
Although slower growth may disappoint some existing homeowners, it is welcome news for first-time buyers, Bryden noted. Moreover, affordability is at its strongest since late 2015. 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,' she said.
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