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UK House Prices Rise for Fourth Consecutive Month
二月 19, 2024
UK House Prices Rise for Fourth Consecutive Month 倫敦
By   Internet
  • 城市報
  • UK house prices
  • house price rises
  • mortgage rates
  • UK housing market
Abstract: According to the latest data released by Halifax, UK house prices continued to rise in January 2024, marking the fourth consecutive month of growth. This increase is primarily attributed to the decrease in mortgage rates, leading to a significant increase in potential homebuyers. Compared to the same period last year, house prices have risen by 2.5 percentage points, reaching £291,029. This trend reflects the activity in the UK property market and the growing confidence among buyers.

According to the latest house price index published by Halifax, UK house prices saw a significant increase in January 2024. This growth is mainly attributed to the decrease in mortgage rates, leading to a notable increase in potential homebuyers.


The data indicates that the average UK house price increased by 1.3 percentage points month-on-month, marking the fourth consecutive month of growth, reaching £291,029, an increase of £3,900 from the previous month. Compared to the same period last year, house prices have risen by 2.5 percentage points, marking the highest annual growth rate since January 2023.


Halifax highlights that the relaxation of mortgage rates, easing inflation pressures, and an active job market have provided strong support for the increase in property prices. Kim Kinnaird, Director of Mortgages at Halifax, analyzes that increased competition among major mortgage lenders has led to a significant decrease in mortgage rates for first-time buyers. Additionally, the decrease in inflation levels and the continued activity in the job market have enhanced the confidence of market participants, setting a positive tone for the 2024 property market.

UK House Prices Rise for Fourth Consecutive Month

Nathan Emerson, Chief Executive Officer of Propertymark, suggests that the recent rise in house prices may boost homeowners' confidence in future actions. He further points out that the Bank of England may adopt an interest rate reduction policy, further enhancing people's ability to purchase homes, which may signal the beginning of the UK's economic recovery.


However, Halifax's data has also raised some concerns. Gardner emphasizes the uncertainty surrounding interest rate prospects, as recent inflation data has exceeded expectations, leading traders to lower their forecasts for the extent of interest rate cuts by the Bank of England. He also highlights the importance of mortgage rate setting, as affordability issues may become a major constraint on the housing market in 2023.


In the London area, first-time buyers' income is typically 55% higher than the average income of full-time adult workers. In the East and Southeast regions of England, this ratio is usually 25% higher, indicating greater challenges in affordability for homebuyers in these areas.

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UK House Prices Rise for Fourth Consecutive Month
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