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Average UK Property Prices Hit Record High

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    Typical UK House Price Reaches £293,999

    According to Halifax’s latest house price index, the average UK property price has hit a new high after a fourth consecutive monthly increase.

    The average house price for October edged up by 0.2% monthly to reach £293,999, surpassing the previous record of £293,507, set in June 2022.

    This latest reading also constitutes positive growth of 3.9% compared to the average recorded in October last year.

    Amanda Bryden, Head of Mortgages at Halifax, noted that the UK property market has shown resilience in recent years. She commented: “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’t fall very far in the first place. Despite 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.”

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      North West Still Registering Strongest Performance in England

      Turning to the regional differences in Halifax’s data, the report reveals that the North West remains the English region with the strongest property price growth. The average price for the area in October was £235,587 after an annual increase of 5.9%.

      House prices in Wales also saw healthy yearly growth of 5.6%, and a typical Scottish property costs 1.9% more than in October 2023.

      London property continues to be the most expensive in the UK. Halifax puts the average property price at £543,308, 3.5% higher year-on-year and more than double the average cost of a North West property.

      The North West continues to outperform London and other southern regions, which has brought it to the attention of property investors in recent years. Major cities in the area are also topping rankings when it comes to rental demand, leading to exciting buy-to-let investment opportunities such as RWinvest’s latest launch, West One, located in Salford.

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      Will UK Property Prices Keep Increasing?

      According to Savills’s latest property price growth forecasts, the average UK property price is projected to increase by 4% in 2025. Taking the average price from Halifax’s index, this means the average UK property price is predicted to surpass £300,000 next year.

      Savills’ forecast also shows that they expect the north-south divide to continue when it comes to property price growth performance. London is at the bottom of their regional ranking, with projected growth of 3% next year and 17.1% by 2029. On the other hand, the North West has the highest forecast of 5% growth in 2025 and 29.4% leading to 2029.

      To learn more about West One, one of the top investment opportunities in the North West, enquire below.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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        Market & Investment Trends, UK