Despite concerns about mortgage affordability, UK house prices continue to climb. The average house price reached £251,924 in December 2023, marking a 4.6% increase from the previous year. Regions like the North West saw the most significant price jumps.
Prices fell back slightly in December, by 0.2 percent, following five consecutive monthly increases. 'The housing market was broadly steady at the start of 2024, with house price growth taking off from the summer onwards. In the latter half of the year, house prices grew in response to the falls in mortgage rates , alongside income growth, both leading to financial pressures somewhat easing for buyers.', said Amanda Bryden, head of mortgages, Halifax.
She said changes to stamp duty from April, which will see the'nil rate' band for first-time buyers shrink from £425,000 to £300,000, have given prospective first-time buyers more motivation to get on the housing ladder and bring any home-buying plans forward. Stamp duty applies in England and Northern Ireland. Ms Bryden said that, looking to 2025,'mortgage affordability will remain a challenge for many, especially as the Bank of England base rate is likely to come down more slowly than previously predicted. 'However, providing employment conditions don't deteriorate markedly from a more recent softening, buyer demand should hold up relatively well and, taking all this into account, we're continuing to anticipate modest house price growth this year.', Nathan Emerson , CEO of property professionals' body Propertymark, said:'As people start to feel more settled within their financial position, and with an expected rush as many people across England and Northern Ireland provision themselves to navigate stamp duty rises from April, we expect to see an upbeat and confident start to the year', The average house price in the UK rose to £251,924 in December 2023, up 4.6 per cent from the previous year. That is higher than prices in the East Midlands, where the average is £244,274 and where there has been a 3.7 per cent increase year-on-year. The North West region saw the biggest jump in prices, where the average house is now worth £226,646, a 4.6 per cent jump on last year. London continues to see the most expensive houses, with an average price of £547,614, up 3.3 percent in a year
HOUSING MARKET HOUSE PRICES MORTGAGE RATES UK ECONOMY STAMP DUTY
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UK House Prices Rise Despite Mortgage RatesUK house prices have rebounded and are poised for a strong finish to the year, fueled by increased market activity compared to the same period last year.
Read more »
House Prices Set to Rise Again in 2025Experts predict a significant increase in house prices in 2025, outpacing inflation rates. This could pose challenges for first-time buyers who may need larger deposits to afford homes. While mortgage rates are expected to fall, leading to lower monthly repayments, the faster growth in house prices could make homeownership more difficult.
Read more »
Lancashire House Prices Continue to Rise, Outpacing UK AverageThe cost of buying a home has increased across Lancashire, with some areas seeing significant price jumps. The average house price in Lancashire reached £195,665 in the 12 months to October, a 4.6% increase compared to the previous year. Blackburn with Darwen and Pendle are among the top 10 property hotspots in the UK, with average house price increases of 10.5% and 10.4% respectively. Lancaster is the only area in Lancashire to see a decrease in average house prices.
Read more »
UK House Prices End 2024 Strong Despite Affordability ChallengesUK house prices saw a strong finish to 2024, rising 4.7% year-on-year in December. However, experts predict potential volatility in the coming year due to stamp duty changes.
Read more »
– I got a huge house on the cheap & nabbed a mini house, barns, garage & l...I was sick of paying rent so moved into a shed at the bottom of my garden
Read more »
England house prices ‘affordable’ only for richest 10% in 2022-23Office for National Statistics data highlights property market pressures
Read more »