UK house prices stabilise in January - Halifax
UK house prices stabilised in January following four months of falls, according to a survey released on Tuesday by mortgage lender Halifax.
Prices were broadly flat on the month at £281,684, following a 1.3% decline in December and a 2.4% drop in November.
On the year, price growth slowed to 1.9% from 2.1% in December and 4.6% in November.
The average house price is now around £12,500 or 4.2% below its peak in August last year, but around £5,000 higher than in January 2022.
Kim Kinnaird, director at Halifax Mortgages, said: "We expected that the squeeze on household incomes from the rising cost of living and higher interest rates would lead to a slower housing market, particularly compared to the rapid growth of recent years. As we move through 2023, that trend is likely to continue as higher borrowing costs lead to reduced demand.
"For those looking to get on or up the housing ladder, confidence may improve beyond the near-term. Lower house prices and the potential for interest rates to peak below the level being anticipated last year should lead to an improvement in home buying affordability over time."