The UK’s largest mortgage lender said this is the biggest increase so far this year and pushed the annual growth rate up to 4.8%, its strongest level since November 2022.
The average UK house price is now at a new record high of £298,083.
Amanda Bryden, head of mortgages at Halifax, said: “Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence. However, despite these positive trends, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop.
“As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand. This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago.”
Across the UK
Northern Ireland had the strongest property price growth of any nation or region in the UK, rising by 6.8% on an annual basis in November. Properties in Northern Ireland now cost an average of £203,131.
House prices in Wales also recorded strong growth, up 4.1%, compared to the previous year, with properties now costing an average of £225,084.
House prices in the North West recorded the strongest growth of any region in England, up 5.9%, compared to the previous year, with properties now costing an average of £237,045.
Properties in the West Midlands also saw strong growth, increasing 5.5% on an annual basis to an average house price of £257,982.
Scotland saw a modest rise in house prices compared to the rest of the UK. Property here now costs £208,957, 2.8% more than the year before.
London retains the top spot for the highest average house price in the UK, at £545,439, up 3.5% compared to last year.
Sarah Coles, head of personal finance at Hargreaves Lansdown, added: “Buyers didn’t get the memo that they’re meant to be in hibernation right now, because properties are still selling, and price rises have accelerated slightly. They rose faster than had been expected, and while they’re not racing away at breakneck speed, since the first interest rate cut, they’ve been slowly making their way to another new high.
“The busy market has also been supported by buyers getting in on the act – particularly those with more than one property, who’ve been convinced that the tax situation isn’t going to get any easier in the next few years, so they may as well get out while the going is good.”