Overview
- Halifax reported a 0.6% month-on-month rise in October, lifting the average price to a record £299,862 and annual growth to 1.9%, beating a 0.1% monthly increase forecast.
- Mortgage approvals reached their highest level so far this year, signalling continued buyer activity despite market uncertainty.
- The Bank of England held the base rate at 4% this week as lenders trimmed some fixed-rate deals, with average fixes near 4%, though affordability remains challenging.
- Regional divergence persists: Northern Ireland rose 8.0% year on year, Scotland 4.4% and the North East 4.1%, while London slipped 0.3% and the South East 0.1%.
- Agents and analysts say activity could shift after the 26 November Budget, with potential tax changes seen as a risk to momentum.