Annual growth has increased to 4.3%, the strongest rate since November 2022, but this is due in large part to the comparison with weaker growth this time last year
House prices rose by 0.3% in August, following a rise of 0.9% in July, with the typical property now costing £292,505. These figures are from the Halifax.
Annual growth has increased to 4.3%, the strongest rate since November 2022, but this is due in large part to the comparison with weaker growth this time last year.
Amanda Bryden, Head of Mortgages at Halifax, says: Recent price rises build on a largely positive summer for the UK housing market. Prospective homebuyers are feeling more confident thanks to easing interest rates.
That optimism is reflected in the latest mortgage approval figures, now at their highest level in nearly two years, she says.
Such has been the resilience of house prices that the average property is now just £1,000 shy of the record high set in June 2022. While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs.
Northern Ireland continues to record the strongest property price growth of any nation or region in the UK, increasing by 9.8% on an annual basis in August. The average price of a property in Northern Ireland is now £201,043.
House prices in Wales also logged strong growth, up 5.5%, compared to the previous year, with properties now costing an average of £224,433.
Scotland saw a more modest increase in house prices, where a typical property now costs £205,144, 1.7% more than the year before.
London continues to have the most expensive property prices in the UK, now averaging £536,056, up 1.5% compared to past year.