UK house prices hit ‘surprise’ record high ahead of Bank of England interest rate decision [Video]

HOUSE prices have soared to a “surprising” record high ahead of the Bank of England’s interest rate decision today.

The average house price was £293,999 in October, according to one of the UK’s biggest mortgage lenders, Halifax.

House prices last peaked in June 2022 when the average cost of a property hit £293,507.

The surge came towards the end of the pandemic-era ‘race for space’, the lender said.

Amanda Bryden, head of mortgages at Halifax, said: “That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn’t fall very far in the first place.

“Despite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, …