UK house prices rise again nearing record high as interest rates fall, Halifax says  --[Reported by Umva mag]

UK house prices have risen again, nearing a record high as interest rates decline, according to the nation’s largest lender.

Halifax says prices increased by 0.3% month-on-month in September, matching a rise seen in August.

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Year-on-year price growth was 4.7%, the strongest rate since November 2022.

The average house price was £293,399, just shy of a record high of £293,507 set in June 2022.

Northern Ireland continues to record the strongest annual house price growth, with prices up by 9.7% year-on-year, Halifax said.

The average price of a property in Northern Ireland is now £203,593. 

Scotland was the weakest performing region, with prices rising by 2.1% over the year to £205,718.

The North West once again recorded the strongest house price growth of any region in England, up by 5.1% over the last year, to sit at £234,355.

London continues to have the most expensive property prices in the UK, now averaging £539,238, up 2.6% compared to last year.

However, this is still some way below the capital’s peak property price of £552,592 set in August 2022.

Overall, across the UK, prices were up 1.6% compared with the third quarter of 2024.

Amanda Bryden, head of mortgages at Halifax, said: “It’s essential to view these recent gains in context.

“While the typical property value has risen by around £13,000 over the past year, this increase is largely a recovery of the ground lost over the previous 12 months.

“Looking back two years, prices have increased by just +0.4% (£1,202).

“While improved mortgage affordability should continue to support buyer activity – boosted by anticipated further cuts to interest rates – housing costs remain a challenge for many.

“As a result we expect property price growth over the rest of this year and into next to remain modest.”

Here are the average prices in the three months to September and their annual change, according to Nationwide:

• East Midlands – £241,873 up 3.1%
• Eastern England – £333,042 up 2.3%
• Greater London – £539,238 up 2.6%
• North East – £171,338 up 2.4%
• North West – £234,355 up 5.1%
• Northern Ireland – £203,593 up 9.7%
• Scotland – £205,718 up 2.1%
• South East – £387,638 up 2.9%
• South West – £303,747 up 3.3%
• Wales – £224,119 up 4.4%
• West Midlands – £255,148 up 3.3%
• Yorkshire and Humber – £210,116 up 4.3%

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