Home sellers are in an increasingly strong position as the average UK property price surged to a record $pounds$299,862 in October. This 0.6% monthly increase, the fastest seen since January, was powered by robust buyer demand, according to the latest Halifax index.
Despite affordability challenges and economic uncertainty, the number of new mortgages being approved recently hit its highest level this year. This indicates a deep pool of committed buyers competing for properties, which has helped reverse a small price dip from September and pushed values to a new peak.
Amanda Bryden of Halifax noted that while the market has seen “some volatility, the market has proven resilient over recent months.” This resilience benefits sellers, demonstrating that their assets are holding value and that demand remains high.
Even with some buyers pausing ahead of the November budget, others have remained active. Estate agent Chestertons noted that “some buyers remained active and were able to secure good opportunities, particularly where sellers were willing to negotiate.”
For buyers, the picture is more challenging. They are facing record prices and are having to stretch their finances with smaller deposits and longer mortgage terms. But for those looking to sell, the data shows the market is firmly on their side, with prices and demand holding strong.