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Halifax House Price Index November 2023

  • UK house prices fell 1.0% YoY in November, according to mortgage lender Halifax. 
  • House prices in the south east of England are under the most pressure. 
  • Average UK property now costs £283,615, up around £1300 on the previous month.a

Source: Halifax, IHS Markit

Key trends

  • Average UK house prices rose in November for the second month in a row, increasing by 0.5% MoM. 
  • The annual rate of house price growth remained negative at -1.0%, but was a slower decline than expected, with prices remaining £40,000 above pre-pandemic levels. 
  • Prices fell on an annual basis in all regions of the UK.
  • The South East is facing the most downward pressure, with house prices having fallen by 5.7% on an annual basis to an average of £373.943. 
  • On the other hand, prices in Northern Ireland increased by 2.3% YoY. 
  • Prices in London fell by 3.8% on the annual basis, but the capital retains the highest average house price in the country at £524,592. 


  • According to Halifax, the monthly uptick in prices seen in November, much like in the month before, was driven by low inventory levels as homeowners refrain from selling, rather than a rise in buyer demand. 
  • Looking ahead, a tough macroeconomic backdrop characterised by sticky inflation, high living costs and a cooling labour market will continue to put downward pressure on prices. 
  • The prospect of interest rates easing, or at least remaining flat may nonetheless result in a slight uptick in housing market activity, although this will largely be offset by other pressures, while the onward trajectory of interest rates remains uncertain.

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