House price rise ‘shows decline has been halted’

PUBLISHED: 6th Feb 2024

In January, house prices rose by 0.7% month on month amid a “more positive” outlook for the property market.

Values were down by 0.2% compared with this time last year , Nationwide Building Society said.

Experts said that the report adds to the evidence that price falls are “bottoming out”

Robert Gardner, Nationwide’s chief executive said “While a rapid rebound in activity or house prices in 2024 appears unlikely , the outlook is looking a little more positive”

The Halifax house price index is calculated from its own database of approximately 300,000 approvals. Recent data reveals that average house prices rose for the third month in a row with an average rise of 1.1% recorded in December, following a rise of 0.5% in November and a 1.1% in October. The Halifax said “the housing market beat expectations in 2023 by +1.7% on an annual basis. The growth we have seen is likely being driven by a shortage of properties rather than the strength of buyer demand. That said, with mortgage rates continuing to ease, we may see an increase in confidence from buyers over the coming months”

David Phillip commented “we have seen a much more buoyant start to this year, Uk house price declines are bottoming out as the economic news improves – particularly around mortgage rates. Mortgage approvals are creeping up and therefore we expect house prices to do too”.

If you are considering selling your home and would like a free market appraisal, call David Phillip FRICS on 01134 676 400.

David Phillip Estate Agents, 86, Leeds Road, Bramhope, Leeds, LS16 9ASN w:davidphillip.co.uk

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