Annual house price growth up 2.1% in November – Halifax

House prices in November 2019 were 2.1% higher than in the same month a year earlier, the latest Halifax House Price Index has revealed.

The new data showed that on a monthly basis, house prices in November rose by 1.0% from October, and in the third quarter of 2019, house prices were 0.2% higher than in the preceding three months between June and August.

Halifax also highlighted HMRC monthly data, which showed a rise in UK home sales in October – with UK seasonally adjusted residential transactions in October reaching 103,680 – up by 4.3% from September, and the highest level since July 2017.

Furthermore, year-on-year transactions in October 2019 were revealed to be approximately 4.3% higher than October 2018 – 4.2% higher on a non-seasonally adjusted basis.

Commenting on the latest data, Halifax managing director, Russell Galley, said: “Average house prices rebounded somewhat in November, with annual growth of 2.1% being driven by the biggest monthly rise since February, following two months of modest falls.

“Prices are now up by £3,904 since the start of the year. While a degree of uncertainty remains evident, it’s also clear that buyers and sellers are responding to factors such as improved mortgage affordability and the limited supply of available properties.

“It is these issues which we believe will continue to underpin the resilience evident in the market for most of 2019. Over the medium term we expect the emerging trend of modest gains to continue into next year.”

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