House price rises in January were the highest for a year as mortgage rates continued to ease, the Halifax has said.
A slowdown in inflation and a buoyant jobs market also helped push property prices up, it added.
The UK’s biggest mortgage lender said a typical home now costs £291,029 on average, a 2.5% jump from January 2023.
The UK’s biggest mortgage lender said a typical home now costs £291,029 on average, a 2.5% jump from January 2023.
Housebuilders have struggled over the past couple of years as higher interest rates dented demand and construction costs rose.
But expectations of rates being cut this year, with inflation – the pace of price rises – slowing down, has led to “increased confidence” in the housing market, Halifax said.
However, it warned that while house prices had risen, interest rates still remained high compared with the historic lows seen in recent years, making it more expensive for prospective buyers to borrow.
The lender said first-time buyers faced average deposits of £53,414.
“It’s not surprising that almost two thirds of new buyers getting a foot on the ladder are now buying in joint names,” said Kim Kinnaird, director of Halifax Mortgages.
House price rises in January were the highest for a year as mortgage rates continued to ease, the Halifax has said.
The UK’s biggest mortgage lender said a typical home now costs £291,029 on average, a 2.5% jump from January 2023.
A slowdown in inflation and a buoyant jobs market also helped push property prices up, it added.
Housebuilders have struggled over the past couple of years as higher interest rates dented demand and construction costs rose.
The UK’s biggest mortgage lender said a typical home now costs £291,029 on average, a 2.5% jump from January 2023.
The UK’s biggest mortgage lender said a typical home now costs £291,029 on average, a 2.5% jump from January 2023.
Housebuilders have struggled over the past couple of years as higher interest rates dented demand and construction costs rose.
But expectations of rates being cut this year, with inflation – the pace of price rises – slowing down, has led to “increased confidence” in the housing market, Halifax said.
However, it warned that while house prices had risen, interest rates still remained high compared with the historic lows seen in recent years, making it more expensive for prospective buyers to borrow.
The lender said first-time buyers faced average deposits of £53,414.
“It’s not surprising that almost two thirds of new buyers getting a foot on the ladder are now buying in joint names,” said Kim Kinnaird, director of Halifax Mortgages.
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