Annual house price growth accelerated to 3.3% in November, new figures reveal
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Annual house price growth picked up pace, hitting 3.3% in November, as revealed by the latest figures. The Office for National Statistics (ONS) reported a slight increase from October's 3%, pushing the average UK property value to £290,000. In England, average prices rose to £306,000, marking a 3.0% annual increase, while Wales saw a similar percentage rise to £219,000. Scotland outpaced with a 4.7% jump to £195,000 over the same period.
Northern Ireland's average house price reached £191,000 in the third quarter of 2024, a 6.2% climb from the previous year. As these figures emerged, ONS data also indicated an unexpected deceleration in inflation. December's Consumer Prices Index (CPI) inflation rate dipped to 2.5%, down from November's 2.6%, defying predictions it would hold steady. This news softened Government borrowing costs on Wednesday morning, and there's growing optimism that mortgage rates might follow suit.
Iain McKenzie, CEO of the Guild of Property Professionals, commented: "With mortgage rates still elevated, all eyes will be on the Bank of England, with many hoping for a rate cut at the next meeting in February. "This should spur sentiment in the market and will hopefully have a knock-on effect on mortgage rates. Many are expecting a few rate cuts throughout 2025, but the frequency will depend on inflation playing its part.".
