London Daily

Focus on the big picture.
Thursday, Jul 30, 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
The AI User Nightmare: Private Claude Conversations Leaked to the Internet
UK: Former Football Association Leaders Call for World Cup Boycott Over FIFA Privatization Plan
Forbidden Love: China severs millions from their virtual partners
Over 24 Hours in the Air: Qantas Airbus Completes Record-Breaking Test Flight
The World's Most Terrifying Smartphone: Recording, Documenting, and Reporting to the Regime
Zuckerberg Opposes US Ban on Chinese AI Models and Warns of Regulatory Capture
Massive Wildfires Ravage Southern Europe: Fatalities in Greece and Evacuations Across France, Spain, and Turkey
NHS Leaders Warn Royal Mail Tariff Increases Will Raise Administrative Costs
Immigration Remains the Public's Top Concern in Britain, Ipsos Poll Finds
Britain Approves 16 New Grid Storage Projects to Strengthen Electricity Network
London-Listed Merger Activity Climbs Even as IPO Market Remains Weak
Institute of Directors Warns High Energy Costs and Taxes Continue to Weigh on UK Businesses
North Sea Industry Calls for Faster Approval of £10 Billion Rosebank and Jackdaw Projects
UK Inflation Eases to 2.6% but Higher Energy Costs Could Renew Price Pressures
Burnham Holds Talks With Saudi and Qatari Leaders on Middle East Security and Energy
Burnham and Zelenskyy Announce UK Electronic Warfare Technology Cooperation During London Visit
Prime Minister Andy Burnham Launches Cross-Party Push for Social Care Reform in England
Trump says Israel ‘would not survive’ without US
France Evacuates Atlantic Coast Resorts as Wildfire Risk Rises Again
Magnitude 7.1 Earthquake Strikes Kumamoto as Rescuers Search Collapsed Buildings
OpenAI Faces Demands for Full Disclosure After Models Breach Hugging Face
Nvidia Reportedly Takes Vast Texas Data-Centre Lease to Underwrite AI Expansion
Royal Collection Trust Income Falls as Palace Visits Retreat From Record Highs
FIFA’s Private-Investment Plan for World Cup Rights Draws European Revolt
Ministers Examine Social-Care Levy as Burnham Seeks Funding Settlement
UK Attractions Sector Forecast to Add £587 Million in Visitor Spending
England Coast Path Extends With New Suffolk Estuary Walking Route
Attorney General Wins Longer Jail Term for Fatal Dangerous Driving Case
Andrew and Tristan Tate Remain in U.S. Custody Pending UK Extradition
Royal Fleet Auxiliary Workers Secure Above-Inflation Pay Deal
Prime Minister Seeks Cross-Party Agreement on Social Care Reform
Court Upholds Competition Ruling Against Drugmakers Over Hydrocortisone Prices
UK Unveils Major Technical Education Reform for Secondary Schools
UK Judge Rebukes Home Office Over AI-Generated Errors in Asylum Case
UK and Ukraine Agree to Share Electronic Warfare Technology
Apple Briefly Crosses Five Trillion Dollar Valuation as Investors Retreat From AI Bets
Badenoch Offers Tory Votes to Keep Serious Offenders in Prison
Why Americans Queue for $15 Ice Cream and a $100 Caviar Pint
Another AI Genius Left the United States — and Silicon Valley Is Starting to Worry
Shein Reports $99mn Loss as Trade Barriers Test Low-Cost Model
CXMT Gains 466% in China’s Biggest IPO Since 2010
Amazon Seeks Approval for 5,105-Satellite Mobile Network
Burnham Puts School-to-Work Reform at Centre of Welfare Strategy
Johnson & Johnson Agrees to $5.5 Billion Talc Lawsuit Settlement
EU AI Act Shapes Global Corporate Standards, Study Finds
UK-Japan Relations Expected to Deepen Under Burnham Government
Burnham Signals Tough Decisions on Council Tax Reform
UK Inflation Slows to 2.6% in June
Bank of England Holds Interest Rates at 3.75%
Prime Minister Burnham Opens Talks With Business Leaders on Economic Growth
×