House prices increased by 0.2% in October, the fourth monthly increase in a row
The average UK house price hit a new high in October, putting it just shy of £294,000, according to an index. , Halifax reported.
“That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn’t fall very far in the first place. Despite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, recording a 0.2% increase overall. That’s a significant slowdown compared to the 21% rise we saw in the equivalent period from January 2020 to the summer of 2022.
“The potential for a slower pace of interest rate cuts won’t be the news homebuyers will want to hear, particularly as they must also contend with tax rises."
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