House prices rose by 4,3 per cent in August compared to last year according to the latest index from the Halifax
It was their biggest gain since late 2022 and is adding to signs of renewed momentum in the property market after a recent fall in interest rates.
The average house price now in the UK stands at £292,505 as on a monthly basis, prices jumped by 0.3% in August
Amanda Bryden, Head of Mortgages, Halifax, said:
“House prices increased by +0.3% in August, following a rise of +0.9% in July, with the typical property now costing £292,505. Annual growth has risen 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.
“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 almost two years.
“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 (£293,507). While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs.
“However with market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.”
