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UK house prices rose for the fourth consecutive month in January to their highest level since October 2022, adding to signs of stabilisation in the property market as mortgage rates ease.
The average UK house price rose 1.3 per cent between December and January, mortgage provider Halifax said on Wednesday, to £291,029. That represents a rise of 2.5 per cent per cent from January 2023.
Kim Kinnaird of Halifax Mortgages said: “The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market, has contributed to increased confidence among buyers and sellers. This has resulted in a positive start to 2024’s housing market.”
Last week, mortgage lender Nationwide reported that house prices rose 0.7 per cent month on month in January. Both lenders base their house price indices on the mortgages they approve.
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