House prices in UK increase 3.9 percent annually last month
Date
11/7/2024 8:02:01 AM
(MENAFN) In October, the UK experienced a 3.9 percent annual increase in house prices, a slight decline from the 4.6 percent growth recorded in September, according to data shared on Thursday by Halifax, a prominent finance firm. This recent figure indicates that while growth in housing prices has decelerated, the market continues to show resilience, especially in light of broader economic challenges. The deceleration may suggest that the market is adjusting gradually rather than experiencing any sharp drops in valuation.
On a month-to-month basis, house prices saw a modest rise of 0.2 percent, marking the fourth consecutive monthly increase. This consistent monthly trend points to underlying stability in the UK housing market, as prices continue to edge up incrementally. Despite factors such as high interest rates and inflation, which often place pressure on property markets, the steady increase in prices suggests continued demand and limited supply.
The average property price in the UK reached £293,999, approximately USD380,600, in October. This is the highest level recorded since June 2022, a milestone that indicates the housing market has largely rebounded from any recent dips. While home prices remain near record levels, this high average cost signals that housing affordability challenges may persist, impacting potential buyers amid economic uncertainties.
Amanda Bryden, a mortgage manager at Halifax, expressed some surprise at the resilience of housing prices given the current economic environment. She noted that while many may have anticipated a more significant decline in prices, the market’s stability reflects only a modest correction from previous highs. Bryden highlighted that prices never saw a sharp downturn, which underscores the robustness of the market in withstanding economic pressures that could have driven values down more dramatically.
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