Amanda Bryden, head of mortgages at Halifax, said: "UK house prices rose for the fifth month in a row in November, up by 1.3% in the month - the biggest increase so far this year. This pushed the annual growth rate up to 4.8%, its strongest level since November 2022. As a result, the record average house price we saw in October edged higher still, with a typical property now costing £298,083."
She added: "Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boosts 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."
Karen Noye, mortgage expert at Quilter, said: "The rise in house prices will offer some relief to existing homeowners who may have been concerned about a prolonged market downturn. Yet, questions remain about how sustainable this recovery might be."
Bryden anticipates that positive employment data and further interest rate reductions will continue to support demand in the housing market, although she warned that house price growth may slow, given the elevated borrowing costs compared to historical norms.
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