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House prices hit record high as Halifax predicts cooling UK demand
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House prices rose for a fourth month running in October, climbing above an average of £270,000 for the first time on the Halifax measure, but the mortgage lender predicted a cooling of the market in the months ahead if the Bank of England raises interest rates.
Halifax said that the average cost of a home rose by 0.9% month-on-month in October, after rising by 1.7% in September, adding more than £2,500 to the value of a typical British home.
It pointed to market drivers including first-time buyers supported by help with deposits from their parents, improved access to mortgage deals and low borrowing costs.
“One of the key drivers of activity in the housing market over the past 18 months has been the race for space, with buyers seeking larger
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