Average UK house price hits new record high
The area of the UK where house prices are rising the fastest
- The average UK house price reached a new record high of £299,331 in August, marking the third consecutive monthly increase, according to the latest Halifax index.
- Despite the monthly rise, the annual pace of growth slowed to 2.2 per cent in August, while the average property value for first-time buyers decreased by 0.6 per cent since May.
- Northern Ireland continues to lead the UK for annual house price growth at 8.1 per cent.
- In contrast to Halifax's findings, a separate index from Nationwide Building Society indicated a 0.1 per cent month-on-month fall in average UK house prices for August.
- Experts suggest the market remains subdued with affordability as a key constraint, noting potential risks from rising mortgage rates, a weakening employment market, and Budget speculation.