UK house prices hit ‘surprise’ record high ahead of Bank of England interest rate decision

HOUSE prices successful the UK person deed a grounds high, up of the expected chopped to involvement rates this afternoon.

Halifax says prices increased by 0.2% successful October compared to the erstwhile period - the 4th period successful a enactment that spot prices grew.

House prices were up 3.9% compared to the aforesaid clip past year, easing from 4.6% successful September.

The average house price was £293,999,  surpassing the erstwhile highest acceptable successful June 2022 astatine £293,507.

Northern Ireland continues to grounds the strongest yearly location terms growth, with prices up by 10.2% year-on-year, Halifax said.

The mean terms of a spot successful Northern Ireland is present £204,242. 

Scotland was the weakest performing region, with prices rising by 1.9% implicit the twelvemonth to £206,480.

The North West once again recorded the strongest location terms maturation of immoderate portion in England, up by 5.9% implicit the past year, to beryllium astatine £235,587.

London continues to person the astir costly spot prices successful the UK, present averaging £543,308, up 3.5% compared to past year.

However, this is inactive immoderate mode beneath the capital's highest spot terms of £552,592 acceptable successful August 2022.

Overall, crossed the UK, prices were up 1.2% compared with the 3rd 4th of 2024.

Amanda Bryden, caput of mortgages astatine Halifax, said: "The mean spot terms has reached a grounds precocious of £293,999, surpassing the erstwhile highest of £293,507 acceptable successful June 2022, towards the extremity of the pandemic-era 'race for space'.

"Looking ahead, borrowing constraints stay a situation for galore buyers.

"Following the Budget, markets expect the Bank of England to chopped rates much dilatory than antecedently anticipated, which could support owe costs higher for longer.

"New policies similar higher stamp work for 2nd location buyers and a instrumentality to erstwhile thresholds for first-time buyers mightiness besides impact demand.

"While we expect location prices to support growing, it volition apt beryllium astatine a humble gait for the remainder of this twelvemonth and into next."