Source: Sharecast
Prices ticked up 1.3% on the month following a 0.4% jump in October.
Meanwhile, annual house price growth was 4.8% in November - the strongest level since November 2022 - following 4% growth the month before.
Amanda Bryden, head of mortgages at Halifax, said: "Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence. However, despite these positive trends, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop.
"As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand. This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago."
Paul Dales, chief UK economist at Capital Economics, said: "The 1.3% m/m leap in Halifax house prices in November mirrors the 1.2% m/m rise in the Nationwide measure and suggests that some relief rally or release of pent-up demand after the Budget has more than offset the latest rise in mortgage rates.
"Prices are very unlikely to continue rising at this rate - the latest rise in mortgage rates will bite eventually. That said, the falls in market swap rates in recent days suggest that mortgages rates will start to drift a little lower in the coming weeks.
"And our forecast that the economy will strengthen next year and a fall in Bank Rate from 4.75% now to 3.50% by early 2026 (rather than to 3.75-4.00% as investors expect) will reduce mortgage rates to just below 4.00%, suggests that house prices will have a decent 2025. We’re forecasting a 3.5% rise compared to the consensus forecast of 2.50-3.00%."
