UK house prices reach record high, Halifax reports

The average price of a home in the UK has climbed to a record-breaking £293,999 in October, according to Halifax, the nation’s largest mortgage lender. This surpasses the previous peak of £293,507 recorded in June 2022.

October’s 0.2% increase marked the fourth consecutive month of growth, contributing to an annual growth rate of 3.9%, down slightly from 4.6% in September. The data indicates that buyers remained active in the lead-up to the Chancellor’s first budget announcement, despite uncertainty about potential policy changes.

However, Halifax has cautioned that measures introduced in Rachel Reeves’s budget, unveiled at the end of October, could influence housing demand in the months ahead. While details of the specific impacts remain unclear, the lender noted that future market activity could face pressure as a result of these new policies.