海角视频 house prices climbed in October, advancing at the swiftest rate since January as purchaser demand stayed elevated despite market volatility.
Values rose by 0.6 per cent during the month, representing the fourth occasion in five months that average prices have climbed, after a steep 0.3 per cent decline in September, the latest Halifax house price index shows.
The standard property cost reached a record peak of £299,862, whilst yearly growth also accelerated by 1.9 per cent.
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The surge in values arrives as mortgage approvals also touched the highest points this year-to-date.
London stayed the priciest area of the 海角视频, though prices declined on an annual basis by 0.3 per cent, with the typical home valued at £542,273, as reported by .
Nathan Emerson, chief executive of Propertymark said: "Any rise in house prices is a welcome sign of growing confidence in the 海角视频 housing market.
"It suggests that demand remains strong and that recent economic adjustments are beginning to bear fruit."
Whilst rising values can signal increasing homebuyer prosperity, particularly at the premium end of the market, not all purchasers can manage the elevated costs.
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Amanda Bryden, head of mortgages at Halifax, said: "There is no doubt that affordability remains a challenge for many.
"Average fixed mortgage rates are currently around four per cent and likely to ease down further, but with property prices at record levels, moving homes can feel like a stretch.
"Rising costs for everyday essentials are also squeezing disposable incomes, which affects how much people are willing or able to spend on a new property."
However, Bryden observed that purchasers have shown resilience against hefty property price tags, choosing smaller deposits and extended terms in bids to mitigate costs.
With house prices also climbing more gradually than earnings, Halifax anticipates the pattern of "gradually improving affordability to continue."
Meanwhile, the Bank of England's choice to maintain interest rates at four per cent also delivers a fillip to the market, with some industry analysts viewing the decision as likely to support sales.
Jason Tebb, president of Onthemarket, commented: "Yesterday's hold in rates for the second consecutive month, while not delivering the further reduction borrowers would have wanted, does suggest a stability in the market which is encouraging.
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"With the vote extremely close, and further reductions expected, this should help improve affordability, stimulate the market and encourage activity into the new year."
Nevertheless, certain segments of the market are experiencing pressure from mounting speculation surrounding property taxes as the November Budget approaches.
Whispers of a 'mansion tax' have intensified in recent weeks, with the Chancellor believed to be examining an annual one per cent levy on the amount a property's value surpasses £2m. Other proposed alterations encompass a revamp of the stamp duty system and the introduction of national insurance on landlords' rental incomes.
Tom Bill, head of 海角视频 residential research at estate agent Knight Frank, said: "Stable mortgage rates have supported demand in recent months and the bank rate is now on a downward path.
"But a tax-raising Budget will curb buying power and weigh on sentiment, keeping a lid on housing market activity next year."