House prices in the West Midlands reach a record level - but are still below the UK average. See all the figures here
The average price of a house in the West Midlands has risen above £260,000 for the first time, according to new figures released today.
But that figure is still far below the national average, which has reached a record level of almost £300,000.
The average UK house price jumped to £299,862 in October after increasing by £1,647 month-on-month, according to an index.
Property values natinally increased by 0.6 per cent month-on-month in October, following a monthly fall of 0.3 per cent in September, Halifax reported.
The annual rate of house price growth also accelerated, reaching 1.9 per cent in October, from 1.3 per cent in September.
In the West Midlands, the average house price is now £260,116. That is one per cent up on the same time last year.
London pushes up the national figure as prices there are on average £542,272, slightly down on last year.
Homes in the West Midlands cost more on average than those in the East Midlands, where the average cost is around £245,000. The average for Wales is even lower, at £229,558. The lowest in the country is the North East, where an average house is listed as just £1680,924.
Amanda Bryden, head of mortgages, Halifax , said: "October saw the biggest monthly rise in UK house prices since January this year, with the value of the average UK home increasing by 0.6 per cent (£1,647).
"That brings the typical property price up to £299,862 - the highest on record - while annual growth also increased to 1.9 per cent.
"Demand from buyers has held up well coming into autumn, despite a degree of uncertainty in the market, with the number of new mortgages being approved recently hitting its highest level so far this year.
"There is no doubt that affordability remains a challenge for many. Average fixed mortgage rates are currently around 4 per cent and likely to ease down further, but with property prices at record levels, moving home can feel like a stretch.
"Rising costs for everyday essentials are also squeezing disposable incomes, which affects how much people are willing or able to spend on a new property.
"Even so, while there has been some volatility, the market has proven resilient over recent months, as many buyers opt for smaller deposits and longer terms to help make the numbers work.
"With house prices rising more slowly than incomes for almost three years now, we expect the trend of gradually improving affordability to continue."
