The average UK house price climbed by 3.3% in the year to November, the latest UK House Price Index from the Office for National Statistics (ONS) has shown.

This annual rate of growth was up from 3% in October and took the average house price in November to £290,000.

According to ONS data, annual house price inflation has been generally increasing since its low point of -2.7% in the 12 months to December 2023.

The latest index showed that across the UK regions, average house prices jumped in England to £306,000 (3%), in Wales to £219,000 (3%) and in Scotland to £195,000 (4.7%). The average house price for Northern Ireland was £191,000 in Q3, a figure up 6.2% on the same quarter a year earlier.

“House prices may have nudged down slightly in November, but they are still up slightly over the year, once again showing the resilience of the market,” director at April Mortgages, Rachael Hunnisett, commented. “In part, this is due to the stamp duty holiday stimulating demand and partly by the chronic lack of available stock.

“Despite the volatility we have seen in January, and uncertainty around the economy, the one constant that persists is the demand for property in the UK.

“The elephant in the room is the impact of rising house prices on first-time buyers. While the desire to escape the expensive rental market and secure good-quality housing has never been stronger, the high cost of homes means that buying a home has become increasingly daunting hurdle for many.”

Head of mortgages at Atom bank, Richard Harrison, added: “The imbalance between housing supply and demand continues to drive house price growth. With housebuilding down 6% in 2023/24 and well below required levels, prices will likely keep rising to record levels unless construction rates increase significantly, as promised by the Labour government.

“The rush to beat the stamp duty increase from 1 April will also be a factor in fuelling house price inflation in the short term.”

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