House prices rise for fourth month in a row, Halifax reports 9 February 2024 Market Insight and Data, According to the latest Halifax House Price Index, the average UK house price reached £291,029 in January 2024, a 1.3% increase from the previous month and a 2.5% increase from the same month last year.
This is the fourth month in a row that house prices have gone up, despite the ongoing economic challenges caused by the pandemic.
However, the market remains optimistic, thanks to the lower mortgage rates and the higher demand and supply of properties. The year has started on a positive note for both buyers and sellers.
Jason Tebb, President of OnTheMarket, comments on the latest figures from Halifax:
“We have seen a surge of enquiries since the beginning of the year, as buyers and sellers are motivated by the favourable mortgage rates and the desire to move.
However, affordability is still a concern for many buyers, especially in the most expensive regions. House prices are rising faster than incomes, and buyers are wary of overpaying.
Sellers who understand this and set realistic prices, based on the guidance of local experts, are attracting serious and qualified buyers. The housing market is showing positive signs, but it still requires careful strategy and negotiation.”
