# Annual house price growth slowed in November – Nationwide Building Society

By Sarah Coles — 2025-12-02

Sarah Coles, head of personal finance at Hargreaves Lansdown, said: “Pre-Budget jitters finally hit house prices.

“They rose very fractionally during the month, but the annual rate fell to 1.8 per cent.

“Plenty of buyers decided to wait and see what horrors were lurking in the Budget.

“At a time when they were facing sky high prices, and a weakening labour market, the foundations felt too unstable for a leap of faith.

“Separate figures from the Bank of England show mortgage approvals fell very slightly during the month, so we could see something of a pause for the tail end of the year.

“However, this is unlikely to be more than a slowing of momentum, and there’s a decent chance that 2026 will usher in more positivity.

“We often see a boost in January, and despite the challenges, there are a few things working in the market’s favour.

“The Budget brought a property tax that will only affect a small slice of the market.

“Meanwhile, the fact that wages continue to rise ahead of both inflation and house prices is helping boost affordability.

“Mortgages rates are also falling, which is opening up new opportunities for buyers.

“The interest rate cut expected in December should power more mortgage rate cuts, which in turn should bring buyers back.

“As prices continue to rise, first time buyers will need to focus on building their deposit.

“If you have a Lifetime ISA, topping it up could add another £1,000 to the pot, courtesy of the government.

“And while the Budget revealed that this will be replaced with an alternative form of ISA at some stage, it’s not going to happen in the immediate future, and in the interim the LISA is operating as usual.”

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