Average House Prices Reach Record High in October: Halifax

Average house prices reached a record high in October, though borrowing costs continue to pose a challenge for many buyers, market data suggest. The average property price edged up 0.2 percent last month to £293,999, exceeding the previous peak of £293,507 recorded in June 2022. This marks the fourth consecutive month of rising house prices, even as the economic climate remains challenging, with inflationary pressures and high borrowing costs affecting buyer affordability. Halifax’s data showed an annual price growth of 3.9 percent in October, a slight deceleration from September’s 4.6 percent but still indicating robust year-over-year gains. Amanda Bryden, head of mortgages at Halifax, commented on the trend, noting that the recent increases in house prices reflect a period of stability following the more rapid growth seen during the COVID-19 pandemic....