Halifax reports that the average UK house price hit a new record last month.

The UK's biggest mortgage lender reported that the average property price reached £293,999 during October, exceeding a peak £293,507 which was reached in June of 2022.

Halifax expects prices to continue rising at a modest pace for the next couple of months.

It warned that mortgage rates could continue to rise "for longer" after last week's Budget.

Financial markets are expecting the Bank of England's rate to be cut more slowly than originally anticipated following the Budget. This included plans to borrow billions of pounds. 

The Bank is expected to reduce its key rate from 5% to 4.75% on Thursday.

Halifax reported that house prices rose by 0.2% last month, making it the fourth consecutive month in which property values increased.

Halifax reported that house prices were up 3.9% compared to a year ago, a slight drop from the 4.6% increase in September.

London is still the most expensive city in the UK for buying a home.

Halifax reported that the average price of a property in Halifax is now £543,308, up 3.5% from last year.

Northern Ireland continues to have the highest annual growth rate in house prices in the UK.  The average property price in the area is £204,242.

The North West region of England saw the highest growth in house prices, with an average price of £235,587. Prices rose 5.9% from the previous year.

The average house price in Wales is now £225,543, a 5.6% increase from last year.

A typical property in Scotland now costs £206,480, an increase of 1.9% from 2023.