The average London price increased 3.5% to £543,308, its highest since November 2022, when it was £545,568.
Falling mortgage rates have driven house prices to a new all-time high, according to fresh data from big lender Halifax released today.
The average price of a home in the UK rose 0.2% in October, marking the fourth straight month of growth and an annual rate of 3.9%. That means the typical property now costs £293,999, surpassing the previous high of £293,507 recorded in June 2022, just before Liz Truss’ mini-Budget.
The average London price increased 3.5% to £543,308, its highest since November 2022, when it was £545,568. The record high was £552,592 in August 2022.
The new record was disclosed hours before the Bank of England slashed interest rates for the second time, following its first move in August. The headline rate was reduced from 5% to 4.75% today.
Amanda Bryden, who is the head of mortgages at Halifax, had the following to say:
That represents a considerable decrease from the 21% increase seen from January 2020 to the summer of 2022.
Guy Gittins, The CEO of london agents Foxtons, said:
Director of agents Benham and Reeves, Marc von Grundherr, said:
