House prices in the United Kingdom decreased by 1% in November on an annual basis, the Halifax House Price Index report revealed on Thursday.
Month-on-month, house prices rose by 0.5% with the average house price standing at £283,615. In the September to November quarter, prices were down 1% compared to the prior three-month period.
"The resilience seen in house prices during 2023 continues to be underpinned by a shortage of properties available, rather than any significant strengthening of buyer demand. That said, recent figures for mortgage approvals suggest a slight uptick in activity levels, which is likely as a result of an improving picture on affordability for homebuyers... However, the economic conditions remain uncertain, making it hard to assess the extent to which market activity will be maintained," Halifax Mortgages Director Kim Kinnaird specified.
