UK housing market shows signs of life with rising house prices

The UK housing market is showing signs of life as house prices rise by 1.3%, or nearly £4,000 on average, last month, exceeding economists' expectations of 0.8%. Halifax reports that the average price of a house in the UK now stands at £291,029, up from £287,105 in December. According to Halifax, prices are 2.5% higher than a year ago and only £2,000 or so below their peak in the autumn of 2022. Halifax director Kim Kinnaird said: "The reduction of mortgage rates from lenders as competition picks up, alongside fading inflation and a resilient labour market, has contributed to increased confidence among buyers and sellers." She added: "This has resulted in a positive start to 2024's housing market. While housing activity has increased, interest rates remain elevated compared to historic lows in recent years and demand continues to exceed supply".

Daily Mail (07/02/2024)   The Guardian (07/02/2024)   The Independent (07/02/2024)   The Times (07/02/2024)