Summary
The average house price in the UK has risen above £300,000 for the first time, according to Halifax, a major mortgage lender. The increase in house prices is balanced by higher wage growth since 2022, making homes slightly more affordable.
Key Facts
- Halifax reported that the average UK house price was £300,077 in January.
- The average price rose by 0.7% last month, reversing a 0.5% decrease in December.
- House prices are now 1% higher than they were a year ago.
- Wage growth has surpassed house price growth since 2022, improving affordability.
- Many lenders, including Halifax, are offering mortgage deals that need smaller deposits.
- The Bank of England hinted at possible interest rate cuts this year, which could lower mortgage rates.
- Nationwide, another lender, reported a different average house price of £270,873 in January.
