The latest Halifax House Price Index shows that January 2024 was the fourth consecutive month to see a rise in house prices, with the average UK house price being £291,029, 1.3% higher than December 2023.
This figure is also up 2.5% compared to the same month last year.
Despite this slight uptick in house prices, the recent reduction in mortgage rates coupled with an increase in buyer and seller activity is sustaining a sense of optimism in the market which has gotten off to a promising start this year.
Jason Tebb, President of OnTheMarket, shares his thoughts on the latest announcement from Halifax:
“Growing optimism has been in evidence since the turn of the year, with an increase in enquiries as falling mortgage rates encourage buyers and sellers who may have been holding off to take action.
With property prices ticking up again month-on-month, it may be tempting to conclude that buyers will pay more but stretched affordability remains an issue for many.
The housing market has got off to an encouraging start but rates are still considerably higher than they were during the pandemic and buyers remain sensitive on price. Sellers who take this into consideration and price sensibly, taking advice from experienced local agents, are finding motivated and committed buyers.”