London Daily

Focus on the big picture.
Friday, Jul 24, 2026

House prices rising at fastest pace in 15 years on quarterly basis, says Halifax

House prices rising at fastest pace in 15 years on quarterly basis, says Halifax

Halifax managing director Russell Galley said that since the onset of the pandemic in March 2020 average house prices have risen by £33,816, or £1,691 per month.

House prices are rising at the fastest pace for 15 years on a rolling quarterly basis, according to latest figures from Halifax.

The rise of 3.4% in the three months to November was the strongest since late 2006, the lender said.

Growth has been driven by a shortage of properties for sale, a strong jobs market and competition between lenders keeping rates low, Halifax said.

The market has been buoyed up for much of the pandemic by a stamp duty holiday


The figures estimated the average UK property price at £272,992, reflecting month-on-month growth of 1% and a year-on-year rise of 8.2%.

Halifax managing director Russell Galley said that since the onset of the pandemic in March 2020 average prices have risen by £33,816, or £1,691 per month.

Mr Galley said the new first-time buyers' market was seeing slightly bigger growth than that for home movers while there was also evidence that a "race for space" was becoming less prominent.

That was a reference to a trend observed earlier in the pandemic, reflecting changing working patterns, for homeowners to swap smaller properties close to city centres for more spacious locations further out.

Mr Galley said flats were now showing year-on-year price growth of 10.8% compared to slower gains of 6.6% for detached properties.

He also pointed to separate recent industry data showing a slowdown overall in transactions since the end of the stamp duty holiday that had helped to buoy up deals during the pandemic.

"Looking ahead, there is now greater uncertainty than has been the case for quite some time, with interest rates expected to rise to guard against further increases in inflation," Mr Galley said.

He added that economic confidence may also be dented by the emergence of the new Omicron virus variant "though it remains far too early to speculate on any long-term impact".

Even without a resurgence in the pandemic, the current level of house price growth is not expected to be sustained next year given that the surge has made properties less affordable and with household budgets "likely to come under greater pressure in the coming months", Mr Galley said.

Those comments come a day after Bank of England deputy governor Ben Broadbent said that inflation looked set to "comfortably" top 5% next spring with energy bills expected to soar.

Separate data published last week by rival lender Nationwide also pointed to an "extremely buoyant" pace of house price growth.

Meanwhile, a forecast from property website Rightmove predicted that prices would grow by 5% in 2022, a slowdown compared with this year's increases.

It also pointed to increasingly stretched affordability and pressures such as interest rate hikes, inflation and tax rises on household budgets.

Newsletter

Related Articles

0:00
0:00
Close
Burnham Rules Out New Scottish Independence Referendum in First Talks With Swinney
BAE Chief Warns Britain Has Underestimated the Risk of War
Badenoch Rejects Grant Shapps' Bid to Return as Conservative Candidate
OpenAI Sued After ChatGPT Allegedly Discouraged Emergency Care Before Near-Fatal Embolism
Viral Video Raises Questions Over Twelve-Dollar Croissants at Manhattan Bakery
UK Balances Security Commitments With Economic Growth Priorities
Retail and Hospitality Sectors Navigate Consumer Caution and Tax Changes
Key Trends to Watch
British Land Appoints Joanne McNamara as New Chief Executive Officer
UK Government Names New Life Peers Including Former Military and Civil Service Leaders
Institute of Directors Urges Government Action on Employment Costs and Skills Shortages
IMF Raises UK 2026 Growth Forecast to One Percent
UK Retail Sales Growth Slows Sharply as Households Cut Discretionary Spending
UK Ten-Year Bond Yields Remain Above Five Percent as Government Faces Higher Debt Costs
UK Government Plans Earlier End to Low-Value Import Duty Exemption for Online Retail Parcels
Reform UK Leads Tight Westminster Voting Poll as Conservatives and Labour Remain Close
Royal Navy Carrier Strike Group Completes First Arctic and North Atlantic Mission Phase
Andy Burnham Government Cuts Business Rates for Pubs and Music Venues by Twenty Percent
UK Inflation Falls to Two Point Six Percent in June as Food and Fuel Prices Ease
Andy Burnham Becomes UK Prime Minister Facing Growth Challenges and Fiscal Pressure
UK Government Reviews Long-Term Balance Between Cost Relief, Industry Support, and Public Investment Priorities
BBC Could Receive Permanent Royal Charter Under Government Proposal
Northern Ireland Proposes End to Severe Weather Exemptions for Electricity Compensation Rules
Andy Burnham Holds Talks With UK Devolved Leaders on Regional Cooperation and Devolution
House of Lords Launches Inquiry Into Risks Facing UK Democratic Institutions
ScottishPower Renewables Plans Major Rebuild of Whitelee Wind Farm With Fewer Larger Turbines
UK and Italy Leaders Discuss Global Combat Air Programme and Future European Cooperation
UK Government Announces Six Hundred Million Pound Aerospace Investment Package at Farnborough Airshow
European Union Approves UK Participation in Ninety Billion Euro Ukraine Support Loan Framework
Rolls-Royce Warns UK Government Over Jet Engine Funding Decision and Future Manufacturing Plans
UK Inflation Falls to Two Point Six Percent in June as Fuel and Food Prices Ease
Andy Burnham Begins Premiership With Two Pound England Bus Fare Cap and Electricity Tax Cut Plan
YouGov Poll Shows Tight Competition Among UK Political Parties
Space Technology Investment Expands Through UK-US Cooperation at Farnborough Airshow
UK Opens Final India Young Professionals Scheme Ballot for Three Thousand Applicants
United Kingdom Approved for Ukraine Financial Support Initiative With EU Partners
UK and Ireland Leaders Discuss Security, Energy and Regional Cooperation
British Heart Foundation Identifies Ten UK Areas With Severe Shortages of Defibrillators
Former Southern Water Executives Charged Over Alleged Water Test Manipulation Scheme
IMF Warns UK Economic Growth Will Slow to One Percent in 2026
UK Inflation Falls to Two Point Six Percent in June as Food and Energy Costs Ease
United Kingdom Joins European Union Loan Mechanism to Support Ukraine’s Defense Needs
Prime Minister Andy Burnham Introduces Two-Pound Bus Fare Cap and Energy Tax Relief Measures Across England
Northern Ireland Secures Additional Infrastructure Funding From UK Treasury
Wales Approves Port Investment Plans to Support Green Energy Supply Chains
UK Financial Regulator Simplifies Stock Market Rules to Attract More Listings
UK Reports Decline in Small Boat Crossings Across the English Channel
UK Government Creates Emergency Support Fund for Financially Pressured Universities
Scottish Government Launches Economic Strategy Focused on Innovation and Renewable Industries
UK Expands Sustainable Farming Incentives to Support Environmental Measures
×