UK house prices rose for the third consecutive month in August, pushing the average property price to a record £299,331, according to Halifax. The 0.3% monthly increase exceeded economists' expectations of 0.1%, though annual growth slowed to 2.2% from 2.5% in July.
Amanda Bryden, head of mortgages at Halifax, described the market as stable, noting prices have risen by less than £600 since January. However, the south-west of England saw an annual decline of 0.8%, the first such drop in any region since July 2024, partly due to a 100% council tax premium on second homes in Cornwall introduced in April.
Northern Ireland led annual growth at 8.1%, followed by Scotland (4.9%) and Wales (1.6%). London recorded modest growth of 0.8%, with an average price of £541,615, the highest in the UK.
Industry experts expressed cautious optimism. Nathan Emerson of Propertymark noted higher listings and sales compared to last year, but warned that potential stamp duty reforms and landlord tax changes could dampen activity. Verona Frankish of Yopa added that buyers may delay moves until the autumn budget on 26 November.
