UK house prices grew by 1.2% in November, the fastest growth in 2 years

Posted on December 3, 2024   |  

UK house prices saw their largest increase in two years, with property values rising by 1.2% in November.

Annual house price growth bounced back to 3.7% in November, up from 2.4% in October.

The average house price across the UK reached £268,144 in November, now only 1% below the record high.

Despite the increase, high property prices and rising interest rates continue to challenge affordability.

From April 2025, second-home buyers will face a 2% hike in stamp duty, moving from 3% to 5%.

First-time buyers of properties valued above £425,000 will incur a stamp duty charge of £6,250 from April 2025.

The Bank of England reduced the base rate to 4.75% in November but warned that 4.4 million households could experience higher mortgage payments in the next three years.