Average UK house price rises to record £299,331, says Halifax
UK house prices rose for a third consecutive month in August, pushing the average price of a property to a record high as momentum returns to the market,Prices increased by 0,3% month on month in August – after a 0,4% rise in July and a 0,1% increase in June – pushing the average cost of a UK home to £299,331.
The rise was significantly ahead of the 0,1% expected by economists,However, the annual rate of growth slowed to 2,2%, down from 2,5% in July, according to Halifax.
Economists had forecast growth of 2% in August.“The story of the housing market in 2025 has been one of stability,” said the head of mortgages at Halifax, Amanda Bryden.“Since January, prices have risen by less than £600, underlining how steady the market has been despite wider economic pressures.“While the wider economic picture remains uncertain, the housing market has shown over recent years that it can take these challenges in its stride.”However, while the average price of a UK property continues to increase, in the south-west of England prices fell by 0.
8% over the past year, the first nation or region to record an annual decline since the east of England in July last year.A 100% council tax premium on second homes in Cornwall was introduced in April, in a move that was expected to bring down property prices.Northern Ireland continues to lead the UK on house price growth, with average property prices up 8.1% over the past year – although that represented a slowdown from the 9.3% annual figure recorded the previous month.
In Scotland, house prices are up an average of 4.9% over the past year, while there has been 1.6% annual growth in Wales.London continues to experience modest house price growth, up 0.8% annually, with the highest average property price in the UK at £541,615.
“With the number of listings, sales agreed, and stock levels higher than this time last year, and with some banks offering specific help to first-time buyers to take their first step on to the housing ladder, this is a sign that the housing market is holding firm,” said the Propertymark chief executive, Nathan Emerson.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionHowever, Emerson said the government’s mooted plans to overhaul stamp duty and potentially make landlords pay national insurance contributions could cause some buyers to delay plans to move.“The prospect of a stamp duty reform is a powerful incentive which may temper this usual seasonal surge in activity, at least until the dust has settled on the autumn budget,” said the Yopa chief executive, Verona Frankish.The chancellor, Rachel Reeves, is scheduled to make her budget speech on 26 November.
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