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.”