House prices rise in November, says Nationwide

House prices edged higher in November, according to figures from Nationwide Building Society.

The typical home went up in value by £772 or 0.3 per cent, rising from £272,226 to £272,998 between October and November. 

This was slightly more than the 0.2 per cent growth between September and October, despite talk of tax rises in the Budget prompting buyers to delay decisions. 

However, compared to this time last year, house prices are 1.8 per cent higher, according to the mutual, less than the 2.4 per cent annual rise recorded in October.

It follows on from last week's Budget in which Rachel Reeves announced tax hikes on landlords and owners of expensive homes.

The Chancellor said the income landlords get from rent will be taxed at higher rates from April 2027.

The change will see basic rate taxpayer landlords taxed at 22 per cent and higher-rate taxpayers at 42 per cent, which is 2 percentage points above normal income tax rates. 

Landlords who buy or own properties within a limited company will also be impacted, given the Chancellor also upped rates on dividend income by 2 percentage points.

Reeves also announced that from 2028, homes worth more than £2million will face a £2,500-plus  council tax 'surcharge' which is being called a mansion tax. 

These announcements could have some impact on future prices, particularly if more landlords sell their properties. 

Jonathan Hopper, chief executive of buying agents Garrington Property Finders, said: 'There is a palpable sense of relief that the most punitive tax rises that the Chancellor was reportedly considering were left out of last week’s Budget. 

'The mansion tax may be little more than a speed bump for very wealthy buyers. Of greater concern is the increase in tax on landlords’ rental income, which will prompt more small landlords to sell up - adding to the glut of homes for sale in some areas and driving down prices further.'

While prices might fall, though, he thinks the market activity could pick up given buyers had been sitting on their hands ahead of the Budget. 

Read More

How big is YOUR home's flood risk? Find out using our interactive map - and learn what you can do about it

He added: 'With the Bank of England widely expected to cut interest rates again this month, the prospect of cheaper mortgages coupled with property prices that softened substantially over the past few months could propel the market into a flying start to 2026.'

Tom Bill, head of UK residential research at Knight Frank, thinks other Budget measures, such as the freezing of income tax thresholds, will keep prices in check.

'Property-specific tax hikes are unlikely to affect house prices, particularly in the short-term, but the array of other rises will eventually take their toll,' he said. 

Robert Gardner, chief economist at Nationwide, said: 'The changes to property taxes announced in the Budget are unlikely to have a significant impact on the housing market.

'The high value council tax surcharge, which is not being introduced until April 2028, will apply to less than 1 per cent of properties in England and around 3 per cent in London.

'Looking forward, housing affordability is likely to improve modestly if income growth continues to outpace house price growth as we expect. 

'Borrowing costs are also likely to moderate a little further if Bank Rate is lowered again in the coming quarters.'

How to find a new mortgage

Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. 

Buy-to-let landlords should also act as soon as they can. 

Quick mortgage finder links with This is Money's partner L&C

> Compare mortgage rates

> Find the right mortgage for you 

What if I need to remortgage? 

Borrowers should compare rates, speak to a mortgage broker and be prepared to act.

Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it.

Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees.

Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. 

What if I am buying a home? 

Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. 

Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power.

What about buy-to-let landlords?

Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages.

This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. 

How to compare mortgage costs 

The best way to compare mortgage costs and find the right deal for you is to speak to a broker.

This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice.

Interested in seeing today’s best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs.

If you’re ready to find your next mortgage, why not use L&C’s online Mortgage Finder. It will search 1,000’s of deals from more than 90 different lenders to discover the best deal for you.

> Find your best mortgage deal with This is Money and L&C

Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you. 

Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage