And a rush to complete house sales before a rise in stamp duty next year could bring a spike in sales completions, it’s been claimed.
Lender Halifax said the average house price here had soared by 6.8% in the last year.
In contrast, average values UK-wise had risen by just 4.8% year on year in November, accelerating from growth of 4% in October.
However, November’s increase did bring UK average prices to a record high of £298,083
And property values had risen UK-wide by 1.3% month-on-month, marking the fifth increase in a row, Halifax said.
While Northern Ireland continues to record strong annual house price growth, it’s still the second-most affordable UK region in which to buy a home.
Prices are lowest in the north east of England, with an average price of £175,737 – up 4.4% over the year.
And the north west recorded the strongest growth of any region in England, with values up by 5.9%.
Scotland saw a more modest rise in house prices compared with elsewhere in the UK, with a 2.8% annual increase to an average of £208,957.
Amanda Bryden, head of mortgages at Halifax, said: “UK house prices rose for the fifth month in a row in November, up by 1.3% in the month – the biggest increase so far this year. This pushed the annual growth rate up to 4.8%, its strongest level since November 2022.
“As a result, the record average house price we saw in October edged higher still, with a typical property now costing £298,083.
“Latest figures continue to show improving levels of demand for mortgages, as an easing in mortgage rates boost buyer confidence.
“However, despite these positive trends, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop.
“As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand.
“This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago.”
Nathan Emerson, chief executive of property professionals’ body Propertymark, said: “With interest rates now easing, many buyers will have increased confidence to approach the housing market.
“We are, however, likely to see a spike in homes for sale and those looking to move home, especially across England and Northern Ireland trying to complete before the rises to stamp duty commence from April 2025.”
Temporary stamp duty thresholds are set to end from April, with the “nil rate” band for first-time buyers in Northern Ireland decreasing from £425,000 to £300,000.
Tom Bill, head of UK residential research at Knight Frank, said: “An increase in borrowing costs and the disappearance of sub-4% mortgages in recent weeks means we expect downwards pressure on house prices to intensify next year.
“This sense of temporary strength is reinforced by the fact many buyers are acting ahead of a stamp duty increase next April.
“The risk that inflation and mortgage rates stay higher for longer means we recently revised down our UK house price forecasts for the next three years. Growth will feel more sustainable once the economy is heading decisively in the right direction.”