Average UK house price jumps by more than £1,000 month-on-month
'The average house price is now £298,237, 2.4% higher than a year ago.
'While the national average remains close to a record high, it's worth remembering that prices vary widely across the country depending on a number of factors, not least location and property type.
'Challenges remain for those looking to move up or on to the property ladder.
'But with mortgage rates continuing to ease and wages still rising, the picture on affordability is gradually improving.
'Combined with the more flexible affordability assessments now in place, the result is a housing market that continues to show resilience, with activity levels holding up well.
'We expect house prices to follow a steady path of modest gains through the rest of the year.'
Looking across the UK, Northern Ireland continued to be the strongest-performing area, with house prices typically rising by 9.3% annually, Halifax said.
In Scotland, property values rose by 4.7% and in Wales they increased by 2.7% on average.
In England, the North West and Yorkshire and the Humber recorded the strongest annual property price inflation, at 4.0%.
Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, said: 'Housing market activity is picking up, driven by increased listings, easing borrowing costs and a relaxation of mortgage lending rules.'
Thomas Lambert, a financial planner at wealth manager Quilter, said: 'This improvement comes despite the lingering impact of stamp duty threshold changes earlier in the year, which have increased upfront costs for many buyers and us being deep into the summer lull.
'While mortgage rates have drifted lower and affordability rules have been eased, many households are still constrained by high living costs and sluggish income growth.
'For first-time buyers, even small increases in rates or property prices can make the difference between buying and staying put.'
Nathan Emerson, chief executive of property professionals' body Propertymark, said: 'Lenders are adapting to market trends by offering more competitive products.'
Amy Reynolds, head of sales at London-based estate agency Antony Roberts, said: 'While in our offices we experienced a brief lull in activity at the start of the school holidays, it has picked up significantly since then.
'Serious buyers are committing and keen to move before the end of the year.'
Mark Harris, chief executive of mortgage broker SPF Private Clients, said: 'Mortgage rates continue to edge downwards but it's not just pricing that is improving, with lenders also broadening policy, including increasing loan-to-income caps and lowering some income requirements, which is boosting affordability.'
Tom Bill, head of UK residential research at Knight Frank, said: 'The UK housing market is getting back on its feet following the disruption of April's stamp duty cliff edge, but high levels of supply are keeping prices in check.
'We expect low single-digit annual growth by the end of the year but that depends on the content of the autumn budget.
'Some parts of the economy are already adopting the brace position and buyers could begin to hesitate after the summer if speculation over tax rises persists.
'The conundrum for the housing market is that the Government needs to increase its financial headroom to keep borrowing costs in check but without sentiment-sapping tax hikes.'
Here are average house prices and the annual increase, according to Halifax (regional annual change figures are based on the most recent three months of approved mortgage transaction data):
East Midlands, £245,182, 2.4%
Eastern England, £334,494, 1.1%
London, £539,914, 0.5%
North East, £177,251, 3.2%
North West, £242,293, 4.0%
Northern Ireland, £214,832, 9.3%
Scotland, £215,238, 4.7%
South East, £388,260, 0.5%
South West, £302,306, 0.2%
Wales, £227,928, 2.7%
West Midlands, £260,265, 2.6%
Yorkshire and the Humber, £215,532, 4.0%
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Times
2 hours ago
- Times
How to kick the cash habit and pick a stocks and shares Isa
The chancellor, Rachel Reeves, wants more of us to reap the rewards of investing but many savers just do not want to invest or do not know where to start — now is a good time, though. Last week the Bank of England cut the base rate to 4 per cent, the lowest it has been since March 2023. Where the base rate goes, cash Isa rates tend to follow — so how can savers missing out on the stock market make the jump? Here, Money explains why a stocks and shares Isa might work for you, how to pick one and how to start investing. Savers ploughed more than £41.6 billion into cash Isas in the 2022-23 tax year, compared with £28 billion into the stocks and shares equivalent. Reeves thinks cash savers are missing out on better long-term returns. The chancellor's reforms, described as the 'widest-ranging' in a decade, will give banks and financial firms powers to push savers towards the stock market. Risk warnings will be watered down, while a government-backed advertising campaign will sell the benefits of investing. Reeves is also understood to be pondering a shake-up of the Isa rules in her autumn budget, and could slash the cash Isa annual allowance to incentivise more people to use stocks and shares Isas instead. Every adult has an annual £20,000 allowance to invest in an Isa every year, with all returns free of income tax and capital gains tax. • All we have in common is our love for the cash Isa Typically offered by banks or investment platforms, such as Hargreaves Lansdown or AJ Bell, stocks and shares Isas allow you to invest in shares, funds and bonds. Unlike cash Isas, which offer a guaranteed interest rate, stocks and shares Isa are invested in the stock market, which is more volatile. This means there is a chance of losing money, but it should bring you higher returns in the long run. Despite this, most people tend to opt for the cash Isa, seeing it as a safer home for their savings. In 2022-23, 7.8 million savers put money into a cash Isa account, more than double the 3.8 million who invested in a stocks and shares equivalent. Jason Hollands, from the investment platform Bestinvest, said: 'While cash savings may seem secure, there is a risk that if you get a low return that doesn't keep pace with inflation, you will be worse off in real terms. 'Investment in the stock market over a reasonable time horizon, at least five years, has nearly always provided better returns than cash savings.' There are many things to consider when deciding on which investment platform to hold your Isa with. The range of investments on offer, the information provided, the fees and how easy the platform is to use all vary significantly. The independent comparison site Investing Insiders has rated 45 of the biggest stocks and shares Isa platforms across ten categories, including fees, ready-made portfolios and customer service. Its top pick overall for a stocks and shares Isa is Invest Engine, which scores five out of five on its rating system. Antonia Medlicott from Investing Insider said: 'This is the lowest-cost Isa on the market, and there's a fully managed option available, as well as DIY investing with zero account fees. It's a nice app, and past performance figures on their managed portfolios is strong.' AJ Bell is the second pick, with Medlicott commending the wide range of markets available. XTB is rated third because of its low price, excellent investment options, and the fact that you can earn 4.5 per cent interest on uninvested cash. • The cheap and easy way to invest (without the risk) Costs are key when it comes to choosing where to put your money, because platforms often charge a management fee, usually a percentage of your pot each year. Some have no fees at all and others charge as much as 1.5 per cent of what you hold. Investing Engine is the cheapest platform as of January this year, according to Investing Insiders, charging no fees at all. Trading 212 is next cheapest, with investors having to pay £30 in fees on a £20,000 Isa allowance where they invest all of it in a one-time stock trade in UK or non-UK stocks. On the other end of the scale, according to Investing Insiders — which includes annual management and foreign exchange fees in its calculations — is Interactive Investor, with a £20,000 investment costing £363.87, while the same investment with Hargreaves Lansdown would cost £239.45. You can also sign up for a stocks and shares Isa through your bank, for example at Santander, Lloyds or HSBC. In some cases only ready-made investment Isas are available — for example, NatWest customers can choose only from five ready-made funds rated from low to high risk, and the bank charges 0.55 per cent of your investment. Others, such as Halifax and Barclays, allow customers to pick from a wide range of international shares, funds and bonds, similar to an investment platform. Barclays charges 0.25 per cent for accounts under £200,000, and Halifax charges £36 a year, not including dealing fees. Medlicott said: 'Banks can suit some investors, but you'll usually get more choice with a specialist platform. For simple fund investing through an Isa, your bank may be fine — just watch out for hefty foreign exchange fees on international trades.' Some funds provide a flat fee for investors, which can be attractive for those with bigger pots, as percentage fees on large portfolios can add up. Analysis by Kepler found that if you invested £50,000 in funds growing at 10 per cent a year into a platform that charges no fees, your portfolio would be worth £336,000 after 20 years. If that investment was on a platform charging 0.45 per cent, your return would be £30,000 less. • Banks to push cash savers towards investing Ed Monk from the investment platform Fidelity said: 'Cost is really important when it comes to picking your platform because investors will have to pay something whether their investment goes up or down, and fees can make a big difference over the long run. 'There is no hard or fast rule with this, but a lot of investors try to keep the cost of investing between 0.5 and 1 per cent.' Stocks and shares Isas can be largely split between two categories: ready-made and do-it-yourself. Ready-made or managed Isas are typically tailored for you depending on your investment goals and risk appetite. While more than 20 platforms provide this option, providers such as Nutmeg, Moneyfarm and Wealthify specialise in it. These can be popular with beginner investors or those who are time-strapped. Once the money is in, investors don't have to do anything else but watch their investment grow. Analysis by Investing Insiders rates Moneybox the top performer for ready-made Isas, with 37.4 per cent returns over the past five years. This is based on an initial investment of £20,000 and an annual top-up of £5,000. Saxo was second at 26.4 per cent, with AJ Bell third at 23.6 per cent over the same time. • Read more money advice and tips on investing from our experts If you are more keen to take control of your investments and have the time, a DIY stocks and shares Isa could be a good option. This is simply an investment account within an Isa account wrapper, which gives you the freedom to invest in whatever you want. These are usually more popular with more experienced investors as they allow you to buy funds and pick stocks within your Isa wrapper. 'I would put AJ Bell or Trading 212 as my top picks for DIY stocks and shares platforms — they are both well priced and provide a good choice of assets,' Medlicott said. For Laith Khalaf, from AJ Bell, the most essential thing is to get your money into an Isa, particularly in the present climate. He said: 'When you look at taxes rising everywhere else, to have this oasis of tax protection is incredibly valuable.'
The Sun
2 hours ago
- The Sun
I'm worried about a clash of interests between jobs but I need the money – please help!
APPRENTICE star and West Ham United vice-chair Karren Brady answers your careers questions. Here, Karren gives her expert career advice to a reader who has been left to present a stressful project alone after her colleague took a last minute holiday. Q: I work part-time as a teaching assistant in a primary school, and I recently asked if I could increase my hours to full-time. I need the extra money, but I've been told there isn't the budget to do this currently. So, I've been thinking about working as a self-employed childminder on the days I'm not contracted at school, but I'm worried the senior leadership team might be annoyed if I approach parents with details of my childminding, in case they think it's out of order or a clash of interests. I don't know how else I would find potential clients, though. Please help! Kia, via email A) It's fantastic you're taking the initiative to boost your income – it sounds like becoming a self-employed childminder could be a great fit for you, especially with your experience. Since your employer can't offer you more hours at the moment, it's absolutely fair for you to explore other options. However, before you do anything else, I would check the school's policy on outside work or speak discreetly with your line manager. A quick, honest conversation can help clarify boundaries and prevent misunderstandings. Apprentice star Karren Brady terrified after burglar launched FOUR raids on £6m home in 16 hours taking designer gear If promoting your services directly to parents at the school feels tricky, try alternative routes, such as Facebook groups, childcare platforms, community centres or word-of-mouth through neighbours and friends, as these can be effective. Childminders need to ensure they are registered with Ofsted and you will need to declare any self-employed income to HMRC, so do make sure you keep accurate records. With your skills, you're in a strong position – just be sure to keep your school role and any private work as separate as you can. Best of luck with your new venture!
Daily Mail
4 hours ago
- Daily Mail
Fury as Bupa dental profit doubles to £19m
Profits at Bupa's dental unit more than doubled last year – despite the company closing practices and bemoaning the shortage of NHS dentists, its latest accounts show. Underlying earnings at Oasis Healthcare – the UK's second-largest dental chain – soared from £8 million to £18.9 million in 2024, partly driven by a growth in private treatments. Sales of private procedures rose 6 per cent to £413 million but NHS treatments fell from £136 million to £126 million. Its highest-paid director received a 20 per cent pay rise from £637,000 to £766,000. The details come after The Mail on Sunday revealed fears about big businesses and private equity firms tightening their grip on UK dentistry via debt-fuelled expansion. Dennis Reed, of pensioners' campaign group Silver Voices, said: 'These burgeoning profits from Bupa reveal the predatory nature of these large dentist firms. It is in their interests to squeeze out NHS patients from their practices, as they charge more than double for the same procedures to be carried out by the same dentists privately.' One-off items saw Oasis post a £21 million loss, against a £48 million deficit in 2023, due to its 'turnaround strategy', which includes closing clinics. Bupa was contacted for comment.
