UK house prices surged to a record high of £299,138, driven by a stamp duty tax break deadline and lower interest rates. While affordability remains a challenge, strong mortgage demand and a positive outlook for the housing market persist.
UK house prices hit a new record high, according to mortgage lender Halifax with average property now costing £299,138, new data showed.
Amanda Bryden, head of mortgages, Halifax, said the housing market had started on a ‘positive note’. “Affordability is still a challenge for many would-be buyers, but the market’s resilience is noteworthy. “The Bank of England has made its first base rate cut of the year, and there are probably more to come. Household earnings are expected to continue outpacing inflation – albeit that gap may narrow – easing some of the financial pressure still being felt from the cost-of-living squeeze.
She said a lack of supply remined the key issue in the housing market. “This long-term trend, coupled with a gradual improvement in affordability, should support further modest house price growth this year,” she said. North east England overtook the north-west as the region with the strongest annual property price growth, rising 5.2 per cent with properties now costing anLondon remains the highest average house price in the UK, at £548,288, up 2.8 per cent compared to January 2024.
HOUSEP PRICES INTEREST RATES STAMP DUTY BANK OF ENGLAND AFFORDABILITY
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