The Halifax says house prices are rising by 4.3% a year, the strongest rate for nearly two years making the average house price £292,505.
It says this is, in part, due to rising confidence among home buyers thanks to easing interest rates, which in turn is increasing competition for homes and therefore higher final prices.
The quarterly rise rate is more sedate, though, at 0.8% as is the monthly rate – house prices rose 0.3% last month.
“Such has been the resilience of house prices that the average property is now just £1,000 shy of the record high set in June 2022 of £293,50,” says Amanda Bryden (main image), its Head of Mortgages.
“While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs.
“However with market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.”
