UK house prices climb 492 to hit record average says Halifax | Personal Finance | Finance [Video]

UK average house prices have risen to a new all-time high of £293,333 – some £492 above the previous record in June 2022.

The figure comes from mortgage lender Halifax and suggests the property market is moving from recovery to growth, according to industry experts – and today’s 0.25% Bank of England interest rate cut is expected to bring a further boost to the property market.

The availability of cheaper mortgages in recent months has boosted the confidence of buyers. At the same time a rush to buy is expected in the coming weeks as buyers seek to avoid rises in stamp duty that will come into effect from April 1.

Head of mortgages at Halifax, Amanda Bryden, said: “Despite the affordability challenge, market activity has been improving.

“The number of new mortgages agreed recently reached its highest level in two years. This aligns with average mortgagerates dropping steadily since spring coupled with continued positive income …