House prices close to record high, says Halifax

Published On Oct 7, 2024, 3:09 AM

According to Halifax, the average house price in the UK has reached £293,399, nearing the record high of £293,507 set in June 2022. This increase follows three consecutive months of price rises, driven by falling mortgage rates and improving buyer confidence. Compared to last year, house prices have risen by 4.7%, marking the fastest growth since November 2022. Northern Ireland is noted as experiencing the highest annual growth in house prices.

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With ongoing improvements in mortgage affordability and buyer confidence, housing market conditions appear to be stabilizing, suggesting further gradual steady growth in house prices. However, external factors such as potential interest rate adjustments could influence this upward trend.

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