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House prices close to record high, says Halifax (www.bbc.co.uk)

submitted 1 week ago by Emperor@feddit.uk to c/unitedkingdom@feddit.uk

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The average UK house price came close to reaching a record high last month as falling mortgage rates helped to boost confidence among buyers, according to Halifax.

The UK's largest mortgage lender said the average price hit £293,399 in September, just short of the record £293,507 reached in June 2022.

Prices have now risen for three months in a row, Halifax said, as market conditions improve.

"Mortgage affordability has been easing thanks to strong wage growth and falling interest rates," said Amanda Bryden, head of mortgages at Halifax.

"This has boosted confidence among potential buyers, with the number of mortgages agreed up over 40% in the last year and now at their highest level since July 2022."

Compared with a year ago, Halifax said house prices were up 4.7% - the fastest pace of growth since November 2022.

That was partially a reflection of the weakness of activity a year ago. The value of a typical property value has risen by about £13,000 over the past year, but was a rebound from falling value over the previous 12 months.

Looking back two years, prices had only increased by just 0.4%, the equivalent of £1,202, the Halifax said.

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[–] Charzard4261@programming.dev 4 points 1 week ago

Is it confidence among buyers, or confidence among sellers? Don't try and make it sound like we're happy to be paying tens of thousands more!