London Daily

Focus on the big picture.
Tuesday, Sep 29, 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
Transport for Wales and Network Rail Complete Electrification of South Wales Metro
Defra Expands Incentives for Sustainable Farming and Biodiversity in England
Northern Ireland Executive Approves Funding Package to Resolve Public Sector Pay Disputes
Universities UK Warns of Financial Insolvency Risks for Higher Education Institutions
UK Prisons Activate Emergency Protocols to Manage Capacity Pressures
UK Government Establishes New Safety Standards for Frontier AI Models
Home Office Tightens Skilled Worker Visa Requirements and Dependent Rules
Ministry of Defence Restructures Royal Navy Frigate Procurement to Prevent Overruns
UK Government Mandates New Housing Targets to Address National Shortage
UK and Scottish Governments Reach Agreement on North Sea Energy Transition
NHS Launches Digital Overhaul to Reduce Surgical Backlogs in England
Bank of England Holds Interest Rates as Service Sector Inflation Persists
UK Chancellor Announces Fiscal Consolidation Measures to Stabilize National Debt
RNLI Chief Executive Condemns Misinformation and Abuse Targeting Volunteer Crews
Metropolitan Police Charge Swindon Man with Assisting Foreign Intelligence Services
British Intelligence Report Warns Environmental Collapse Threatens Global Defense Infrastructure
Conservative Party Rejects New Taxes to Fund UK Social Care Reforms
Labour Government Signals Intent to Ease Residency Restrictions for Foreign Care Workers
Prime Minister Andy Burnham and Norwegian Prime Minister Jonas Støre Meet to Strengthen North Atlantic Defense
UK Government Plans to Revive Equity Loan Scheme to Assist First-Time Home Buyers
Prime Minister Andy Burnham Pledges Radical Reform for UK Utilities and Social Care
UK Treasury Prepares Difficult Autumn Budget Amid High Debt and Energy Volatility
Civil Aviation Authority Launches Review of Air Traffic Systems Following Digital Failure
X Reports First Increase in UK Revenues Following Advertiser Boycott
Shetland Islands Council Approves £400 Million Inter-Island Tunnel Project
Foreign Secretary Ed Miliband Warns Iran Against Hostile Activities on British Soil
UK Ministers Concede Chagos Islands Sovereignty Agreement Terminated After US Opposition
More in Common Poll Projects Hung Parliament with Labour Leading and Reform UK Gains
Prime Minister Andy Burnham Defends Economic Strategy as Public Finances Face Headwinds
Tony Blair Urges Government to Set Long-Term Goal of Rejoining the European Union
Prime Minister Andy Burnham Pledges Universal Free Social Care Funded Through General Taxation
UK Diesel and Petrol Prices Surge Near All-Time Highs Amid Middle East Energy Volatility
Analysis of Reform UK conference highlights deep political divisions over welfare and immigration
Bangladesh garment exports to the United Kingdom reach $915 million in early fiscal year
Royal Navy begins sea trials for new HMS Agamemnon hunter-killer submarine
New report suggests UK data centre expansion will create far fewer jobs than predicted
Major weekend closures announced for London Underground Piccadilly and Central lines
NHS leaders call for emergency winter funding to combat staffing shortages and rising illness
Far-right activist Daniel Thomas charged following alleged slashing of migrant dinghy
Home Secretary orders urgent review of border security following rise in small boat crossings
Prime Minister Andy Burnham to address Labour Party conference amid calls for long-term infrastructure plan
UK Treasury and Bank of England warn of rising inflation risks amid Middle East tensions
Royal Navy Diving Squadron Honoured for Global Bomb Disposal Efforts
UK State Pension Set to Approach £13,000 Per Year Under Triple-Lock
Rolls-Royce Wins Multi-Million-Pound Engine Contract with Philippine Airlines
TfL Questions Future of Heathrow Express Amid Proposed £33 Billion Expansion
Ed Miliband Warns Iran Against Hostile Operations on British Soil
S&P Global Manufacturing Index Signals Stabilization Amid Rising Fuel Costs
Prime Minister Andy Burnham Launches National Centre for Information Defence
UK Food and Drink Trade Deficit Surges to £21.1 Billion
×