LONDON: Average UK house price reaches new record high of £225,109, says Halifax House price growth picked up to its fastest levels since February last month – pushing average values to a record high, according to an index.
Property values were 4% higher annually in September, marking the highest year-on-year figure since a 5.1% increase seen in February, Halifax said. The average house price across the UK in September was £225,109 – marking the highest figure on Halifax’s records.
On a quarterly basis, house price growth also recorded its highest growth rate since February, with values 1.4% higher between July and September than during the previous three months.
House prices increased by 0.8% month-on-month, which was down on a 1.5% increase in August. Russell Galley, managing director, Halifax Community Bank, said: “The annual rate of growth has picked up for the second consecutive month, rising from 2.6% in August to 4% in September.
“The average house price is now £225,109 – the highest on record. House prices in the three months to September were 1.4% higher than in the previous quarter, the fastest quarterly increase since February.
“While the quarterly and annual rates of house price growth have improved, they are lower than at the start of the year.
“UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment.
“However, increasing pressure on spending power and continuing affordability concerns may well dampen buyer demand.”