The average house price in the UK hit a record high last month, according to Halifax.
The UK's largest mortgage lender said the average price reached £293,999 in October, surpassing the peak of £293,507 reached in June 2022.
Halifax said it expected prices to continue to rise at a “modest pace” over the coming months.
However, he warned mortgage costs could remain “higher for longer” following last week's budget.
Following the Budget, which called for billions of pounds of borrowing and spending, financial markets expect the Bank of England to cut rates more slowly than expected.
However, the Bank is still expected to cut its key rate by 5% to 4.75% later on Thursday.
Halifax said house prices rose slightly by 0.2 per cent in October, meaning property values rose for the fourth time in a row.
House prices are up 3.9 per cent from a year earlier, Halifax said, down slightly from the 4.6 per cent annual increase seen in September.
Commenting on the new record, Amanda Bryden, Head of Mortgages at Halifax, said: “The fact that house prices have reached these highs again in the current economic climate may come as a surprise to many, but it is perhaps more remarkable that they did not reach this level. fall very far in the first place.
“Despite headwinds from rising interest rates, house prices have generally stabilized over the past two and a half years, recording an overall increase of +0.2%.”
