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UK house prices have reached a new high, according to Halifax, the nation’s largest mortgage lender. The average sale price of a house in the UK was £293,999 in October, higher than the previous high, £293,507, recorded in June 2022. Halifax foresees a continuation of this “modest” rise in prices over the next few months. However, it also predicts that mortgage costs could remain high following this year’s Budget.
Last week’s Budget, which involved the plans to borrow and spend additional billions of pounds, is believed to have limited the potential for rapid reductions in rates by the Bank of England, despite the expectation that it might cut key rates to 4.75% from 5%. The bank says the focus now is on finding ways of easing disruption into the country’s financial markets resulting from the sharp increase in interest rate levels.
Commenting on the new high, Amanda Bryden, who is Head of Mortgages at Halifax, said: “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.”
London has retained its position as the most expensive place in the UK to buy a house, with the average property price in the region now standing at £543,308. This figure is 3.5% higher than it was during the corresponding period last year. The highest annual UK house price growth is currently in Northern Ireland, where the average cost of a house is now priced at £204,242, while in Scotland and Wales the average price of a property has climbed to £206,480 and £225,543 respectively
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