Property values increased by 3.9% annually, slowing from a 4.6% increase in September. Amanda Bryden, head of mortgages, at Halifax, said: “Average UK house prices nudged up 0.2% in October, continuing the positive momentum of recent months. “This brought the annual growth rate to 3.9%, slightly lower than in September. “The average property price has reached a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era ‘race for space’.”Borrowing constraints remain a challenge for many buyers, and the end to Stamp Duty relief looming early next year. "Increases will impact buyers across England and Northern Ireland, with some seeing Stamp Duty costs typically increase by around £2,500.

Source: The Herald November 07, 2024 15:18 UTC