Proactive Investors - House prices across the UK reached a record high last month, despite a slowdown in growth against September, Halifax has reported.
Average prices hit £293,999 in October, having climbed by 0.2% month on month and 3.9% over the year.
The saw the average surpass the previous record set in June 2022, “towards the end of the pandemic-era ‘race for space,’” Halifax mortgage head Amanda Bryden commented.
“That house prices have reached these heights again in the current economic climate may come as a surprise to many,” she added.
“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.”
Price growth slowed against the 4.6% recorded over the year to September though, with softer increases expected over the coming months, according to Bryden.
“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.”