Housing market defies gloom as average price nears £300k

HOUSE prices edged higher last month, rising at the fastest pace since January as buyer demand remained high despite market uncertainty.

- By Maisie Grice

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Prices increased by 0.6% in October, marking the fourth time in five months the average price has increased, following a sharp 0.3% drop in September, according to the latest Halifax house price index.

The typical price of a property hit a record high of £299,862, while annual growth also increased by 1.9%.

It comes as mortgage approvals also hit the highest levels this year-to-date.

London remained the most expensive region of the country, despite prices falling by 0.3% on an annual basis, with the average property costing £542,273.