House prices hit new record high of nearly £300,000 says Halifax, as values rise at fastest pace since January

House prices in Britain have reached a new record high of £299,862, with an increase of 0.6% in October, marking the fastest monthly rise since January. This represents the fourth increase in the average property value in the last five months. Annually, property values are up 1.9%, an improvement from the 1.3% recorded the previous month. This rise is attributed to strong buyer demand and the availability of more favorable mortgage deals. Home loan approvals have hit their highest point this year, indicating continued interest in the housing market. Buyers are adapting by opting for smaller deposits and longer mortgage terms to manage affordability. Despite recent mortgage rate cuts, which have emboldened buyers, potential tax increases announced in the upcoming Budget could temper market activity. Specifically, rumors of a potential stamp duty rise are causing concern, especially for higher-value homes concentrated in the South East of Englan... download the app to read more