Average UK home costs more than £250,000

The average UK house price has risen to more than £250,000 for the first time, according to the UK's biggest mortgage lender. The Halifax, part of Lloyds Banking Group, said house prices in October were 7.5% higher than a year ago. Demand for bigger homes has risen, with changing priorities and working from home leading people to seek more space. But the Halifax also warned the economic fallout from the COVID-19 crisis would put "downward pressure" on prices. It said this would come in early 2021, and the month-on-month increase in property values had already started to slow. Russell Galley, managing director of the Halifax, said that the extension to furlough and other government support such as the stamp duty holiday had delayed the downturn, but the future remained uncertain.

BBC News  (06/11/2020)   The Daily Telegraph  (06/11/2020)   Financial Times (06/11/2020)