UK house prices jump to new record high in January
1 month, 3 weeks ago

UK house prices jump to new record high in January

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Sign up to our free Morning Headlines email SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy UK house prices reached a new record average high in January of almost £300,000, according to Halifax. She added: “Affordability is still a challenge for many would-be buyers, but the market’s resilience is noteworthy.” Ms Bryden remarked there was “strong demand” for new mortgages and growth in lending. “Despite geopolitical uncertainties, and waning consumer confidence, other key indicators look fairly positive for the housing market.” Ms Bryden cited the Bank of England’s first base rate cut of the year, predicting more to come, as well as the expectation that household earnings will continue to beat inflation, as signs that the financial pressure from the cost-of-living squeeze was easing up. She predicted mortgage rates would hover between four per cent and five per cent in 2025, “influenced by both global financial markets and domestic monetary policy.” “Over the past year, buyers have been getting used to this new normal, understanding that rates are unlikely to return to the historical lows of 1%.” Ms Bryden remarked that the fundamental issue remained a lack of supply within the housing market, but along with a” gradual improvement in affordability”, she predicted a modest house price growth over the year.

History of this topic

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1 day, 22 hours ago
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