UK house prices rose for the fourth consecutive month in January to the highest level since October 2022, adding to signs of stabilisation in the property market as mortgage rates ease.
House prices rose 1.3 per cent between December and January. following expansions in the previous three months, new data from mortgage provider Halifax showed on Wednesday.
The monthly rise took the average house price to £291,029, up 2.5 per cent per cent from January 2023, the fastest annual rate in one year.
Kim Kinnaird, director of Halifax Mortgages, said the reduction in mortgage rates from lenders, fading inflationary pressures, and a resilient labour market “contributed to increased confidence among buyers and sellers.”
