Annual house price growth saw a rise of 4.1% in January from the same month a year earlier, according to the latest Halifax House Price Index.
The latest figures revealed the average house price in the UK hit £240,054 during January – reflecting a monthly increase of 0.4%.
Halifax also reported that in the latest quarter – the period between November and January – house prices saw an increase of 2.3% in comparison to the period between August and October.
“A number of important market indicators continue to show signs of improvement,” Halifax managing director, Russell Galley, said. “We have seen a pick-up in transactions with more buyer and seller activity consistent with a reduction in uncertainty in the UK economy. However, it’s too early to say if a corner has been turned.
“The recent positive figures may actually represent activity that would ordinarily have been expected to take place last year but was delayed by economic uncertainty. While housing market activity has undoubtedly increased over recent months, the extent to which this persists will be driven by housing policy, the wider political environment and trends in the economy.
“Looking ahead, we still expect a moderate rate of house price growth over the course of the year. Demand is likely to continue to exceed the supply of properties for sale across the UK, with the subdued pace of new building also adding to upwards price pressure. The environment for mortgage affordability should stay largely favourable. However, with the growth in rental costs accelerating, many first-time buyers will continue to face a significant challenge in raising necessary deposits.”
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