Buyers attempting to get on to the property ladder in the UK have received a lift, after figures from Halifax showed they are in the best position to snap up a home in a decade.

Britain’s biggest mortgage lender said that the average price of a UK property hit a record high of £299,892 in November, after a marginal month-on-month rise.

However, Halifax said when property prices were compared with average incomes, affordability was at its strongest since late 2015.

The lender added that taking into account higher interest rates – the average two-year fixed mortgage rate is 4.85%, according to Moneyfacts – mortgage costs as a share of incomewere at their lowest level in about three years.

“Affordability is improving as lenders ease criteria and reduce rates, which is putting those ready to proceed with their purchases now that the budget is out of the way in a stronger position,” said Mark Harris, the chief executive of the mortgage broker SPF Private Clients.

Halifax said that house prices were “broadly unchanged” in November, with its monitor recording 0% month-on-month growth, after a 0.5% rise in October. Annual growth slowed to a 0.7% increase, down from a 1.9% rise in October.

Amanda Bryden, the head of mortgages at Halifax, said: “While slower growth may disappoint some existing homeowners, it’s welcome news for first-time buyers. Comparing property prices to average incomes, affordability is now at its strongest since late 2015.

“Looking ahead, with market activity steady and expectations of further interest rate reductions to come, we anticipate property prices will continue to grow gradually into 2026.”

Earlier this week Nationwide reported growth in house prices despite fears that buyer demand might be affected because of uncertainty before last month’s budget.

“Few were predicting record high prices following the budget, another reminder that UK house prices are often more resilient than we think,” said Anthony Codling, the managing director of equity research at RBC Capital Markets. “Perhaps without budget uncertainty they would have hit £300,000.”

Codling said that with the Bank of England monetary policy committee likely to vote to cut interest rates at its next meeting later this month, house prices could pass the £300,000 milestone when figures for December are released.

Halifax said its data showed a “clear north-south divide”, with prices falling in London and the south-east and east of England but rising in other areas including Scotland and the north-west of England. Northern Ireland continued to have the strongest growth, with prices up almost 9%.

Halifax said overall 2025 had been one of the most stable years for the housing market over the past decade.

“The post-budget bounce is real, even when a budget is in late November,” said Amy Reynolds, the head of sales at the London estate agency Antony Roberts. “Our Saturday diaries are full for all our offices and our most expensive properties have had a new lease of life with viewings booked for most of them.”

Earlier this week Nationwide said that the newly announced “mansion tax” would have a limited impact on the housing market.