Overview
- Halifax reported a 0.6% monthly rise in October, the fastest since January, lifting the average price to a record £299,862 and annual growth to 1.9%.
- New mortgage approvals have reached their highest level so far this year, indicating buyer interest has held up into autumn.
- Average fixed mortgage rates sit around 4% and are edging lower as lenders cut some deals, following the Bank of England’s decision to hold the base rate at 4%.
- Affordability remains stretched, with Halifax noting many buyers are using smaller deposits and longer mortgage terms to make purchases viable.
- Regional divergence persists, with Northern Ireland up 8% year-on-year and London down 0.3%, as many in the market watch for potential property-tax changes in the 26 November Budget.