Overview

• Halifax reports a 0.2% increase in house prices for October, with an annual growth rate of 3.9%, slightly down from September's 4.6%.
• Despite higher interest rates, the UK housing market has shown resilience, with prices surpassing the previous peak set in June 2022.
• New mortgage agreements have reached their highest levels in two years, driven by declining mortgage rates since spring.
• Borrowing constraints and new policies, such as higher stamp duty for second home buyers, pose challenges for potential buyers.
• The Bank of England is expected to cut interest rates further, but at a slower pace, which could maintain higher mortgage costs.