London Daily

Focus on the big picture.
Monday, Sep 07, 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
University of Bristol Opens £500 Million Innovation Campus
Families Give Evidence to Independent Review of Sussex Maternity Failures
Sweden Confirms Deportation of 458 British Citizens Over Post-Brexit Residency Rules
UK Launches £3 Million Challenge for Long-Duration Energy Storage
Reform UK Proposes £100 Billion in Spending Cuts and Brownfield Deregulation
Andy Burnham Warns Macron That EU Procurement Rules Could Hurt British Steel
Andy Burnham Faces Major Decision on Future North Sea Oil and Gas Drilling
SEND Support in England Projected to Reach One in 10 Pupils
England’s Housing Courts Struggle With Surge in No-Fault Eviction Cases
Violent Clashes Erupt in Portsmouth During Protest Against Asylum Processing
Three-Quarters of NHS Emergency Staff Report Regular Violence or Aggression
UK Considers Converting Female Prison Space for Male Inmates as Overcrowding Worsens
UK House Prices Record First Annual Decline in Nearly Three Years
UK Government Reassesses Policy Toward Israel Amid Calls for Diplomatic Shift
Reform UK Faces Police Scrutiny Over Alleged Foreign Donations Scheme
University of Bristol Opens £500 Million Temple Quarter Enterprise Campus
Online Bookmakers Accused of Privacy Breaches Through Cookie Consent Practices
Health Campaigners Urge UK Government to Abandon U.S. Pharmaceutical Agreement
Three-Quarters of UK A&E Staff Report Regular Violence or Aggression
Far-Right Demonstrations Target Portsmouth as Small-Boat Crossings Fuel Tensions
UK Records Hottest Summer on Record After Severe Heatwaves
UK Travellers Face Renewed EU Border Delays as Temporary Flexibility Ends
UK Rejects Calls to Pause AI Data Centre Expansion Despite Energy Concerns
UK Defence Figures Push for 3% Spending Target Amid Falklands Concerns
England Faces Rising Financial Pressure as Special Educational Needs Plans Surge
Metropolitan Police Consider Reform UK Probe Over Overseas Donations
Keir Starmer to Leave Parliament, Triggering By-Election
UK Treasury Weighs Windfall Taxes on Banks and Oil Companies Amid Bond Market Turmoil
Jaguar Land Rover to Cut Thousands of Jobs as UK Government Rules Out Bailout
OpenAI Unveils GPT-6 and Says: "We May Already Have Reached AGI"
Congressman Accused Andrew of Sex Crimes in the United States
Donald Trump: "I'm Glad Harry and Meghan Left the United States"
Spicy Food Is Linked to Lower Death Risk — but It Is Not a Miracle Cure
AfD Enters Saxony-Anhalt Election at 41% in Historic Test for German Politics
Gen Z Turns to Investing as America's First-Home Dream Moves Further Out of Reach
Thousands Join London March Calling for Tighter Abortion Restrictions
Institute of Directors Says Tax and Regulatory Uncertainty Still Weighs on UK Investment
Bank of England Faces Rate Dilemma as Weak Growth and Persistent Inflation Raise Stagflation Risks
Masked Anti-Immigration Protesters Block Roads to Port of Dover
Prime Minister Andy Burnham Sets Out Devolution and Re-Industrialisation Agenda
British Chambers of Commerce Forecasts UK Growth of Just 1% Through 2027
UK Government Advances Bill to Tighten Rules on Overseas Political Donations
Nigel Farage Faces Scrutiny Over Alleged Reform UK Donation-Law Evasion
Thousands Join Anti-Abortion March Through Central London
UK Beekeepers Call for Nationwide Tracking as Asian Hornet Sightings Increase
England Sees Sharp Rise in Property Subsidence Claims After Record Summer Heat
House of Lords Advances Financial Services Reform Bill
House of Lords Begins Detailed Scrutiny of Railways Bill and Great British Railways Plan
UK Treasury Cuts Green Book Discount Rate to Support More Regional Infrastructure Projects
Reform UK Suspends Two Senior Aides After Undercover Report on Foreign Donation Rules
×