House costs hit report excessive, says Halifax | EUROtoday

The common UK home worth reached a report excessive final month, in accordance with Halifax.

The UK’s largest mortgage lender mentioned the common worth hit £293,999 in October, surpassing a peak of £293,507 that was reached in June 2022.

Halifax mentioned it anticipated costs to proceed to rise at a “modest pace” for the following few months.

However, it warned that mortgage prices might stay “higher for longer” following final week’s Budget.

Following the Budget, which included plans to borrow and spend billions of kilos, monetary markets anticipate the Bank of England to chop charges extra slowly than beforehand anticipated.

However, the Bank continues to be anticipated to chop its key charge to 4.75% from 5% in a while Thursday.

Halifax mentioned home costs edged up by 0.2% in October, which means property values have now elevated for 4 months in a row.

House costs are up 3.9% from a 12 months earlier, Halifax mentioned, which is a slight lower from the 4.6% annual enhance seen in September.

Commenting on the brand new report excessive, Amanda Bryden, head of mortgages at Halifax, mentioned: “That home costs have reached these heights once more within the present financial local weather could come as a shock to many, however maybe extra noteworthy is that they didn’t fall very far within 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.”