UK House Prices Reach Record High in October

The average property price in the UK rose to nearly £294,000, marking the fourth consecutive month of growth despite economic challenges.

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.