That’s according to Halifax, which said the figure is a new record high.
It added that annual house price growth is +4.8% ( in year to November), its strongest level since November 2022.
Property prices only fell once during 2024, said the UK’s largest lender, dropping by -0.9% in March, but otherwise steadily increased.
Northern Ireland saw the highest rate of annual property price inflation of any UK region or nation in the year to November 2024 at +6.8%. The slowest annual growth was in Scotland at +2.8%.
The typical UK house price has increased by a significant +56% over the last decade (£191,238 in November 2013), a rise of £106,845.
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First-time buyer prices
Property prices for homes bought by first-time buyers rose by +4.1% over the last year (to £234,361) said Halifax, while the amount paid by home-movers increased by +5.0% (to £356,491).
Looking forward
Halifax said it expects modest house price growth in the range of 0% to +3% for 2025, along with a further small increase in the number of transactions.
Amanda Bryden, head of Halifax Mortgages, said:“Two key factors have driven the recovery in the housing market over the last 12 months. The first is lower mortgage rates, at times up to 160 basis points below the peaks of 2022 and 2023.
“Second is that income growth continues to catch up with the consumer price increases of the past few years. For new mortgages, monthly costs as a percentage of earnings fell from 33% to 29% over the last year.
“This easing financial pressure has boosted buyer confidence as demand for mortgages reached its highest level in more than two years, with volumes now back in line with pre-pandemic levels, having trailed by around 20% at the start of the year.
“Looking ahead to 2025, despite the positive trends we’ve seen over recent months, there’s no doubt mortgage affordability remains a challenge for many buyers.
“While further cuts to Bank Rate are still on the cards, the pace looks likely to be more gradual than previously anticipated, and many homeowners with older fixed-rate deals ending next year face refinancing at much higher rates.
“But with employment conditions remaining positive, buyer demand should continue to hold up well. We expect modest house price growth in 2025, likely a little lower than this year at up to +3%, along with a further small increase in the number of transactions.”
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