House prices hit record high

The UK housing market remains resilient, with the average home price reaching a record high of £293,999 in October, according to Halifax's house price index. Despite concerns over Rachel Reeves's Budget, which may slow demand, Amanda Bryden, head of mortgages at Halifax, noted that "it was more noteworthy that prices had not fallen significantly" since June 2022. The Budget introduced higher stamp duty for second homebuyers and reduced the nil rate for first-time buyers, which could impact future demand. While Halifax anticipates continued price growth, it expects this to occur at a "modest pace" moving forward. In London the average property now costs £543,308, up 3.5% on last year.

BBC News (07/11/2024)   City AM (07/11/2024)   Daily Mail (07/11/2024)   The Standard (07/11/2024)