Annual UK house price growth accelerated in November – ONS
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Annual house price growth accelerated to reach 3.3% in November, according to official figures. The annual growth rate ticked up from 3.0% in October, Office for National Statistics (ONS) data showed. This took the average UK property value in November to £290,000.
Average house prices increased in England to £306,000 (3.0% annual growth), in Wales to £219,000 (3.0%) and in Scotland to £195,000 (4.7%), in the 12 months to November 2024. The average house price for Northern Ireland was £191,000 in the third quarter of 2024, up by 6.2% from the same period a year earlier.
The data was released as ONS figures also showed a surprise slowing in inflation. The rate of Consumer Prices Index (CPI) inflation eased to 2.5% in December, from 2.6% in November, following expectations the rate would be unchanged. The cost of Government borrowing eased on Wednesday morning as traders reacted to the latest economic data and hopes that mortgage rates will ease were also boosted.
Iain McKenzie, chief executive of the Guild of Property Professionals, said: “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.”.
