HOUSE prices in the UK have hit a record high, ahead of the expected cut to interest rates this afternoon.
Halifax says prices increased by 0.2% in October compared to the previous month – the fourth month in a row that property prices grew.
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House prices were up 3.9% compared to the same time last year, easing from 4.6% in September.
The average house price was £293,999,  surpassing the previous peak set in June 2022 at £293,507.
Northern Ireland continues to record the strongest annual house price growth, with prices up by 10.2% year-on-year, Halifax said.
The average price of a property in Northern Ireland is now £204,242.Â
Scotland was the weakest performing region, with prices rising by 1.9% over the year to £206,480.
The North West once again recorded the strongest house price growth of any region in England, up by 5.9% over the last year, to sit at £235,587.
London continues to have the most expensive property prices in the UK, now averaging £543,308, up 3.5% compared to last year.
However, this is still some way below the capital’s peak property price of £552,592 set in August 2022.
Overall, across the UK, prices were up 1.2% compared with the third quarter of 2024.
Amanda Bryden, head of mortgages at Halifax, said: “The average property price has reached a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era ‘race for space’.
“Looking ahead, borrowing constraints remain a challenge for many buyers.
“Following the Budget, markets expect the Bank of England to cut rates more slowly than previously anticipated, which could keep mortgage costs higher for longer.
“New policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand.
“While we expect house prices to keep growing, it will likely be at a modest pace for the rest of this year and into next.”
