Halifax: Annual house price growth climbs to 4.7%

The Halifax has published its latest House Price Index, showing that annual house price growth climbs to 4.7%.

Annual house price growth has risen to 4.7%, the strongest rate since November 2022.

This follows a month-on-month increase of 0.3% in September, while it brings average prices to £293,339.

Jeremy Leaf, north London estate agent and a former RICS residential chairman, said:

“The housing market has proved remarkably resilient over recent weeks with appraisals, listings, viewings and sales agreed in our offices above last autumn’s levels.

“Confidence is key.

“The recent reduction in the Bank of England base rate, with expectations of more to come – perhaps even increasingly aggressively according to its Governor – is supporting the uplift in activity.

“However, lingering concerns about a ‘painful’ budget round the corner, particularly impacting the higher end of the market, as well as improving property and mortgage choice, is keeping a lid on higher prices.”

Northern Ireland is seeing the highest growth, with an annual increase of 9.7% in September. This is followed by the North-West of England (5.1%) and Wales (4.4%).

Tomer Aboody, director of specialist lender MT Finance, said:

“Another strong month for the housing market with this level of growth is further indication of growing confidence, although it could also be seen as recovery due to the static, slow market in 2023, where prices and transactions were down.

“We are now seeing the fruits of a better economy and lower rates, with mortgage rates much more affordable than this time last year.

“With the October Budget looming, we hope that the trend continues but many fear what Rachel Reeves might bring.”

Kindly shared by Property Wire