House prices hit record high in August

House prices in the UK have reached a record high, according to Halifax, hitting an average of £299,331. Property prices were up by 0.3% month-on-month in August, marking the third consecutive month of increases. On an annual basis, prices were up 2.2% on August 2024. First-time buyer property values saw a slight decrease to £237,577, potentially linked to stamp duty adjustments. Regional performance is mixed, with Northern Ireland (8.1% annual growth) and Scotland (4.9%) leading, while the South West experienced a 0.8% price fall. London remains the most expensive market, with growth of 0.8% and an average property value of £541,615. Amanda Bryden, head of mortgages at Halifax, said: "The story of the housing market in 2025 has been one of stability." She noted that since January, prices have risen by less than £600, "underlining how steady the market has been despite wider economic pressures." Halifax forecasts slow and steady price growth, citing improving affordability and lower interest rates, but notes that uncertainty over potential budget tax changes could affect the market. 

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