House prices hit an almost 2-year record high
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00:00According to the latest Halifax Housing Price Index, UK house prices have risen close to
00:07a two-year record high.
00:10Halifax reported that the average price of a house sold in August rose to around £292,505.
00:18This is the highest rate since August 2022.
00:21This news also reportedly shows the strongest year-on-year rise since November 2022.
00:26Amanda Bryson, the head of mortgages at Halifax, said, quote,
00:30Recent price rises build on a largely positive summer for the UK housing market.
00:35Prospective homebuyers are feeling more confident thanks to easing interest rates.
00:41She then went on to say that while this is welcome news for existing homeowners, affordability
00:47remains a significant challenge for many potential buyers still adjusting to higher mortgage
00:52costs.
00:53Now, whilst purchase activity tends to drop in August, it was reported that the result
00:59of the Bank of England reducing the base rate pushed more buyers and sellers into the market.