House Prices Up for 5th Consecutive Month

Halifax released its latest house prices index for February today confirming that house prices climbed 0.4% in a month and 2.9% in the last 3 months.

For the year, property prices climbed 1.7% pa, with prices falls during the first half of 2023 followed by recovery in the second half and continuing.  Interest rates have stabilised, lenders have dropped rates to attract borrowers and wages inflation is higher meaning greater affordability.

The average UK house price is now £291,699, up £1,091 in one month and is around £1,800 off its all time high in June 2022 at over £293,000.

Comment

This news is not surprising given wages increasing, lenders becoming more flexible to attract borrowers and mortgage rates falling slightly or stabilising after increases in the last year.