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House prices in the West of England have risen 3.3% over the last year and now cost nearly £10,000 more than the º£½ÇÊÓƵ average, new data from Halifax reveals. A property in the region will set a buyer back £303,362 on average, the lender said.

Nationally, the cost of homes nudged up +0.2% in October, with the º£½ÇÊÓƵ average property price reaching a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022.

The number of new mortgages agreed recently reached its highest level in two years, Halifax said.

"While we expect house prices to keep growing, it will likely be at a modest pace for the rest of this year and into next," said Amanda Bryden, head of mortgages at Halifax.

"Looking ahead, borrowing constraints remain a challenge for many buyers. Following the Budget, markets expect the Bank of England to cut rates more slowly than previously anticipated, which could keep mortgage costs higher for longer. New policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand."

Northern Ireland continues to record the strongest property price growth of any nation or region in the º£½ÇÊÓƵ, rising by +10.2% on an annual basis in October. The average price of a property in Northern Ireland is now £204,242.

House prices in Wales also recorded strong growth, up +5.6%, compared to the previous year, with properties now costing an average of £225,543. Scotland saw a more modest rise, where a typical home now costs £206,480, +1.9% more than the year before.

The North West remains the region of England with the strongest growth, up by +5.9% over the last 12 months, to sit at £235,587. London, meanwhile, has the most expensive property prices in the º£½ÇÊÓƵ, now averaging £543,308, up +3.5% compared to last year.