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UK house prices rise again amid mortgage rate relief

Posted on December 11, 2023 |

UK house prices increased for the 2nd straight month in November due to lower mortgage rates attracting more buyers.

Last month, the average price of a UK property went up by £1,394 (0.5%) to reach £283,615, indicating a rise in housing market activity.

The shortage of available properties has also supported UK house prices, as sellers wait for market conditions to stabilize and prices to recover.

On an annual basis, prices are down by 1%, a modest drop considering economic challenges over the past year. Average prices remain £40,000 above pre-pandemic levels.

Northern Ireland experienced the strongest rise in house prices in the last 12 months, with the average home costing £4,294 more compared to the previous year, reaching £184,684.

Meanwhile, London maintains the highest average house prices in the UK at £524,592, despite a 3.8% price decrease over the past year.

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