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Property prices increased by 6% in November compared to the same time last year, according to Halifax.

According to Halifax, the cost of the average home in the UK is £218,002.

This 6% rise is in contrast with the figures of rival building society Nationwide, who reported growth of 4.4%

Property prices peaked in March this year with growth of 10%, but the building society believes that “annual house price growth may slow over the coming months”.

Prices increased by 0.2% with October, and were up by 0.8% in the three months to the end of November compared with the previous quarter.

This news came on the same day that HSBC scrapped its “cheapest ever” mortgage deal and increased its rates on its other mortgage products.

Many experts are saying that the move by HSBC is a sign that we may be seeing the end of the record low interest rates seen since the financial crisis.

Ross Hooper-Nash, managing director of Jeffrey Ross Estate Agents, said: “It is great news that house prices are still on the up, but the move by HSBC is an interesting one and might be a hint that a slow down is on the way.

“Since the Brexit referendum there have been fears that the housing market would crash – thankfully that hasn’t materialised. But this move from HSBC coupled with some strong words or warning from the Governor of the Bank of England in recent weeks about debt and the lack of wage growth, could be an even bigger hint that things are about to change.”