Britain’s housing market slowed in November, with growth easing on both annual and monthly measures as homebuyers held back ahead of the government’s budget, according to figures from mortgage lender Halifax.
Halifax reported that house prices were flat in November, compared with 0.5% growth in October. Annual growth slowed to 0.7%, down from 1.9% the previous month – the weakest pace since March 2024.
Amanda Bryden, head of mortgages at Halifax, said the slowdown reflected the “base effect” of stronger price growth a year earlier. “Even with the changes to Stamp Duty back in spring and some uncertainty ahead of the Autumn Budget, property values have remained steady,” she noted.
Market Indicators
- Halifax: Prices flat in November; annual growth at 0.7%.
- Nationwide: Prices rose 0.3% in November; annual growth slowed to 1.8%.
Analysts said the figures point to caution among buyers ahead of Finance Minister Rachel Reeves’ November 26 budget.
Outlook
Bryden said affordability was now at its strongest level since 2015 and predicted gradual price growth in 2026, supported by steady market activity and expected interest rate cuts.
The Bank of England is widely forecast to lower borrowing costs by 25 basis points to 3.75% in December, a move that could further support housing demand.