Mapped: Average UK house price jumped for second month in a row in November
Across the UK, property values jumped for the second month in a row, rising by 0.5% in November or £1,394.
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Your support makes all the difference.The average house price increased by nearly £1,400 month-on-month, according to an index from mortgage provider Halifax.
Across the UK, property values jumped for the second month in a row, rising by 0.5 per cent in November, equivalent to £1,394, following a price increase of 1.2 per cent in October, Halifax said.
The average UK house price in November was £283,615, one per cent lower than it was a year earlier.
The Independent has put together an interactive map below which shows average UK house prices in each region.
Darker areas on the map show the areas with the highest house prices and lighter areas show the regions with the lowest prices.
Property values in the South East of England have fallen particularly sharply over the past year, with a 5.7 per cent or £22,702 average drop, the report said.
Northern Ireland is the strongest performing region, with house prices increasing 2.3 per cent. Properties in NI cost on average £189,684, £4,294 higher than the same time last year.
House prices in Scotland have flattened over the last year, now costing £203,116, while Wales recorded one of the lowest annual falls - 1.5 per cent - with homes selling for an average of £215,787 in November.
London retains the top spot for the highest average house price, at £524,592, though prices in the capital have now fallen by 3.8 per cent.
Kim Kinnaird, director of Halifax Mortgages, said: “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.
“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. With mortgage rates starting to ease slightly, this may be leading to increased buyer confidence, seeing people more inclined to push ahead with their home purchases.
“However, the economic conditions remain uncertain, 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.”
Tom Bill, head of UK residential research at estate agent Knight Frank, said: “The jury is still out on the sustainability of recent rises in such a thin market, but if we are not at the bottom of the current housing market slowdown, we must be close.
“The key is that sentiment has become more buoyant in recent weeks as the economic data improves and keeps downwards pressure on mortgage rates.”
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