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Financial News: UK Halifax House Prices Rise Further

UK Halifax House Prices Rise Further

02/07/2024 - 02:54:00 (RTTNews)

(RTTNews) - UK house prices increased for the fourth successive month in January, taking the annual growth rate to the highest level in a year, the results of a survey by Lloyds Bank subsidiary Halifax and S&P Global showed Wednesday.

House prices grew 1.3 percent month-on-month in January, following a 1.1 percent gain in December.

The annual price growth accelerated to a 1-year high of 2.5 percent in January from 1.8 percent a month ago.

A typical house costs GBP 291,029 in January, compared to GBP 287,244 in December.

Northern Ireland recorded the strongest growth across all the nations or regions within the UK, with house prices rising by 5.3 percent on an annual basis.

"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," Halifax Mortgages Director Kim Kinnaird said.

"Looking ahead, affordability challenges are likely to remain and further modest falls should not be ruled out, against a backdrop of broader uncertainty in the economic environment."

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