UK property: House prices have soared to record high

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Average property prices grew by seven per cent in the 12 months to the end of October, hitting £250,547. This was the fastest rate seen in more than four years, said Halifax. Buyers are keen to take advantage of Chancellor Rishi Sunak’s stamp duty cut, which can knock up to £15,000 off moving costs.

And an excess of pent-up demand following the lifting of the first lockdown has helped fuel growth.

However, there are signs that the mini-boom is running out of steam, according to latest figures in the lender house price index.

Month-on-month growth slowed from 1.5 per cent in September to just

Supplied by MeteoGroup 0.3 per cent last month. Experts remain concerned that further economic damage from the pandemic could see prices fall sharply in the near future.

Russell Galley, managing director of Halifax, said: “Government support measures have undoubtedly helped to delay the expected downturn in the housing market.

“With a number of clear headwinds facing the housing market, we expect to see greater downward pressure on house prices as we move into 2021.”

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