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UK house prices rose for the fourth consecutive month in January, according to data from Halifax on Wednesday.
The Halifax house price index rose 1.3% on a monthly basis in January, after rising by 1.1% in December.
The typical UK home cost £291,029 in January, up £3,924 compared to December.
On an annual basis, prices rose 2.5%, having risen 1.8% in December. Annual growth was the highest since January last year.
‘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,’ said Halifax Mortgages director Kim Kinnaird.
‘However, while housing activity has increased over recent months, interest rates remain elevated compared to the historic lows seen in recent years and demand continues to exceed supply. For those looking to buy a first home, the average deposit raised is now £53,414, around 19% of the purchase price. It’s not surprising that almost two thirds of new buyers getting a foot on the ladder are now buying in joint names.’
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