UK house prices hit record high |
In October, UK house prices increased by 0.2%, marking the fourth consecutive monthly rise and reaching a record average of £293,999, surpassing the previous peak of £293,507 set in June 2022. Amanda Bryden, head of mortgages at Halifax, noted: “Average UK house prices nudged up 0.2% in October, continuing the positive momentum of recent months.” Despite this growth, challenges remain, including borrowing constraints and the impending end of Stamp Duty relief. Nathan Emerson, CEO of Propertymark, suggested that the housing market might gain momentum as buyers act before potential Stamp Duty increases in April 2025. Overall, the current trends indicate a resilient property market, with various regions experiencing notable annual increases. Prices in Scotland rose by 1.9% to an average of £206,480. |
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