UK House Prices Stall But Northern Ireland Soars 9% Amid Supply Crunch

New data from the Halifax has revealed a starkly divided UK property market, with national price growth grinding to a near halt in November while one region experienced a dramatic surge.

National Stagnation Masks Regional Extremes

The mortgage lender's figures show the average UK house price crept up by just £138 in November to a new record of £299,894, narrowly missing the £300,000 milestone. Annual growth slowed sharply to 0.7%, the weakest rate since March 2024.

Experts point to pre-Budget uncertainty and a higher supply of homes compared to last year as factors cooling buyer appetite nationally. However, this flat picture disguises wildly different stories playing out across the country's regions.

Northern Ireland Leads With Near 9% Surge

While London and the South East struggled, Northern Ireland's property market rocketed ahead. Prices there jumped by 8.9% over the year to November, accelerating from 7.9% in October and pushing the average property value to £220,716.

The primary driver is a severe and persistent imbalance between supply and demand. A recent report from Danske Bank highlighted that planning applications in the region are at their lowest level since 2002, drastically limiting the number of new homes coming to market for a population of over 1.9 million.

Affordability Improves as Market Eyes 2026

Amanda Bryden, Head of Mortgages at Halifax, noted that despite the slowdown, the market has shown resilience. "Property values have remained steady," she said, adding that the current climate offers a silver lining for new entrants. "Affordability is now at its strongest since late 2015."

With mortgage costs as a share of income at a three-year low and expectations of a Bank of England interest rate cut as early as December, analysts anticipate a gradual pick-up in price growth in early 2026.

The regional disparities are pronounced. The North West of England was the strongest performer in England with 3.2% annual growth (£245,070 average), while Scotland saw prices rise 3.7% to £216,781. In contrast, Greater London prices fell 1% year-on-year to an average of £539,766, though it remains the UK's most expensive region.

Jason Tebb, President of OnTheMarket, summarised the split, stating: "National average figures conceal significant regional differences, with the market performing stronger in the north than the more expensive south."