UK house prices have seen a significant increase, the largest in over two years. This rise can be attributed to several factors, including the resolution of budget uncertainty, a recent interest-rate cut, and low unemployment rates.
According to Halifax, one of the UK's largest mortgage lenders, the average home price has surged by 1.3%, reaching a new record high of £298,083 ($379,830). This marks the fifth consecutive month of price gains, with the latest increase being the largest since June 2022. Year-on-year, prices have risen by 4.8%, indicating strong demand from buyers in the current market.