House prices have, however, fallen -0.5% in the last year, whereas this figure was -1.4% back in October 2023.
This puts the current average house price -1.5% below the peak of £268,000 in October 2022.
This month’s house price index shows the recent resilience of the housing market to higher mortgage rates and cost of living pressures.
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Zoopla’s data shows that 4-5% mortgage rates are becoming less of a barrier to sales — although household buying power is still lower than before rates started rising over 2022.
Five regions in the south of England are seeing house prices fall, led by the East of England (-2.1%).
However, house prices are rising again in the remaining four regions of England, as well as in Wales (+0.3%), Scotland (+2.2%) and Northern Ireland (+4.3%).
Scotland is the only region which has remained in positive growth over the last year.
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