The average UK house price has decreased by -0.4% MoM from £290,959 in October 2024 to £289,707 in November 2024, while the latest annual change for November 2024 sits at 3.3%.
The latest UK figures show consecutive decreases in price over the last three months, from September 2024 (£291,263 and -0.4% MoM) to November 2024 (£289,707 and -0.4% MoM).
When considering annual change, the UK figures show consecutive growth for the last eight months, from April 2024 (£279,525 and 0.4% YoY) to November 2024 (£289,707 and 3.3% YoY).
CEO of Yopa, Verona Frankish, said, “The November figures show a marginal reduction in the monthly rate of house price growth, which is to be expected in the run up to Christmas. However, on an annual basis, house prices have continued to climb for the last eight months and it’s now full steam ahead where the property market is concerned, as homebuyers across England look to beat the stamp duty deadline.
We’ve seen many times before how a sense of urgency drives demand across the market and the result of this heightened buyer activity is likely to be further house price growth over the coming months.”
CEO of Octane Capital, Jonathan Samuels, said, “The property market continues to stand strong, but whilst inflation figures saw a surprise dip today, the outlook still remains somewhat uncertain and we simply haven’t seen interest rates fall as swiftly as expected over the last six months.
In fact, mortgage rates remain higher than they were this time last year and so those looking to purchase are best advised to tread with a degree of caution and avoid the temptation to over borrow in hopes of beating the stamp duty deadline.”
Co-founder and CEO of GetAgent.co.uk, Colby Short, said, “The annual rate of house price growth was stronger than expected in November and there’s no doubt that the government’s decision not to extend current stamp duty relief thresholds is helping to drive this trend.
We’ve seen previously how a stamp duty deadline induced surge in demand can drive market performance and the expectation is that we will see strong growth over the first three months of this year.
Once the clock does expire on current relief thresholds there will almost certainly be a market correction, most likely in the form of reduced transaction numbers and weaker rates of house price growth.
However, the industry-wide view is that the impact of this stamp duty deadline will be far more marginal compared to previous examples and so the consensus is that 2025 will be a year of overarching stability and positive growth.”
Director of Benham and Reeves, Marc von Grundherr, said, “The market is in fine health all things considered, with house prices showing upward growth on an annual basis for the eighth month in a row and there’s widespread positivity when it comes to the outlook for 2025.
Even across London, where house price growth has been largely static, we’re seeing more interest from buyers, more offers made and more sales being agreed.
However, it remains a challenging landscape for homebuyers who continue to face numerous obstacles, not least the high cost of borrowing, with mortgage rates still sitting substantially higher than we’ve become accustomed to in recent years.”
Leave a Comment