UK house prices gain momentum in early 2024: Halifax by Reuters

©Reuters. City of London buildings are seen next to Victorian residential housing in south London, Britain, August 1, 2023. REUTERS/Susannah Ireland

LONDON (Reuters) – House prices in Britain rose 2.5% year-on-year in January, the strongest annual growth rate for a year, data from mortgage lender Halifax showed on Wednesday, which have added timid signs of momentum in the real estate market.

On a monthly basis, home prices increased 1.3%, marking the fourth consecutive increase.

Halifax mortgage director Kim Kinnaird said recent declines in mortgage rates, falling inflation and a resilient job market have helped confidence among buyers and sellers as 2024 begins.

But he added that there are still reasons for caution.

“Affordability challenges are likely to remain and further modest declines should not be ruled out, against a backdrop of broader uncertainty in the economic environment,” Kinnaird said.

Other real estate market indicators also signaled stabilization. Rival mortgage lender Nationwide said last week that house prices had risen 0.7% in monthly terms in January, marking the fifth month without any decline.

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