The average 海角视频 house price hit a new high last month putting it just shy of 拢294,000, according to an index.
House prices increased by 0.2% in October, the fourth monthly increase in a row, Halifax reported. The average house price was 拢293,999, surpassing a previous peak in June 2022.
Property values increased by 3.9% annually, slowing from a 4.6% increase in September.
Amanda Bryden, head of mortgages, Halifax, said: 鈥淎verage 海角视频 house prices nudged up 0.2% in October, continuing the positive momentum of recent months. This brought the annual growth rate to 3.9%, slightly lower than in September.
鈥淭he average property price has reached a record high of 拢293,999, surpassing the previous peak of 拢293,507 set in June 2022, towards the end of the pandemic-era 鈥榬ace for space鈥. That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn鈥檛 fall very far in the first place.
鈥淒espite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, recording a 0.2% increase overall. That鈥檚 a significant slowdown compared to the 21% rise we saw in the equivalent period from January 2020 to the summer of 2022.鈥
Ms Bryden continued: 鈥淒espite the affordability challenge, market activity has been improving. The number of new mortgages agreed recently reached its highest level in two years. This aligns with average mortgage rates dropping steadily since spring.鈥
Borrowing constraints remain a challenge for many buyers, she said, adding: 鈥淣ew policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand.
鈥淲hile we expect house prices to keep growing, it will likely be at a modest pace for the rest of this year and into next. The potential for a slower pace of interest rate cuts won鈥檛 be the news homebuyers will want to hear, particularly as they must also contend with tax rises.
Alice Haine, a personal finance analyst at Bestinvest by Evelyn Partners, an online investment service, said: 鈥淲hile the 海角视频 residential property market enjoyed a post-election resurgence over the summer as affordability concerns eased, the outlook from here is mixed.鈥
She added: 鈥淢ortgage rates may not behave as people hope. Volatile swap rates in the wake of the Budget have been a cause for concern as they raise the risk of borrowing costs edging up.鈥
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 鈥淭he housing market has been significantly buoyed by lower mortgage rates, leading to more interest from prospective buyers and increased activity.
鈥淪ince 海角视频 gilt yields rose in the immediate aftermath of the Budget, this has had an effect on swap rates which underpin the pricing of mortgages, providing an indicator as to where interest rates will be.
鈥淲ith the exception of a few lenders who purchased swaps before the Budget, mortgage pricing has edged upwards.鈥
Guy Gittins, chief executive of estate agent Foxtons, said of the house price index: 鈥淎 fourth consecutive month of positive growth demonstrates the current strength of the 海角视频 property market and now that the dust has settled on last week鈥檚 autumn Budget, the outlook continues to be very positive.鈥
Average house prices followed by the annual increase
East Midlands, 拢242,189, 4.4%
Eastern England, 拢333,741, 3.1%
London, 拢543,308, 3.5%
North East, 拢172,730, 4.0%
North West, 拢235,587, 5.9%
Northern Ireland, 拢204,242, 10.2%
Scotland, 拢206,480, 1.9%
South East, 拢387,587, 3.2%
South West, 拢303,362, 3.3%
Wales, 拢225,543, 5.6%
West Midlands, 拢257,287, 4.7%
Yorkshire and the Humber, 拢211,629, 5.3%
