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UK house prices hit record high in October, says Halifax

Admin by Admin
November 7, 2024
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Non-doms’ retreat hits London’s prime housing market

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The common UK home value edged as much as hit a file excessive in October, in response to the lender Halifax, whilst progress slowed forward of final week’s Price range.

A typical property now prices £293,999, surpassing a earlier peak set in June 2022 of £293,507, when costs had been boosted by the pandemic-era “race for house” and file low rates of interest.

House prices elevated 0.2 per cent month on month, a slower tempo than within the earlier months, however a fourth consecutive month-to-month rise, new information confirmed on Thursday.

Amanda Bryden, head of mortgages at Halifax, mentioned: “That home costs have reached these heights once more within the present financial local weather might come as a shock to many.”

She defined that market exercise had been bettering on the again of the common mortgage charges dropping steadily for the reason that spring, coupled with continued earnings progress.

Home costs had been up 3.9 per cent from October final 12 months, which marks a slowdown from the 4.6 per cent enhance registered in September. The determine was additionally decrease than the 4.1 per cent rise anticipated by economists polled by LSEG.

Final week, the lender Nationwide additionally reported slower house price growth in October.

Line chart of £ '000 showing UK average house price edges up to hit record high

This newest information “reveals how Price range uncertainty eased the year-on-year value progress, as consumers and sellers braced for potential adjustments that might derail their plans”, mentioned Holly Tomlinson, monetary planner on the wealth administration Quilter.

The Price range has additionally eased expectations for how briskly the Financial institution of England will lower rates of interest as increased spending and borrowing boosted short-term financial progress and inflation forecast.

Markets nonetheless anticipate the BoE to announce a quarter-point lower in rates of interest to 4.75 per cent on Thursday.

Alex Kerr, economist at Capital Economics, mentioned rises in curiosity swap charges — by-product merchandise that observe rate of interest expectations on which mortgage charges are primarily based — particularly since final week’s Price range, “counsel there’s scope for mortgage charges to rebound and supply much less help over the following few months”.

Nevertheless, Kerr mentioned he anticipated that additional forward, mortgage charges would ultimately fall and annual home value progress would speed up from about 3 per cent within the fourth quarter this 12 months to an above-consensus 5 per cent within the fourth quarter in 2025.

Halifax reported that Northern Eire registered the strongest property value progress of any nation or area within the UK, rising 10.2 per cent on an annual foundation in October.

London continued to have the costliest property costs within the UK, now averaging £543,308, up 3.5 per cent in contrast with final 12 months.



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