海角视频

Oops.

Our website is temporarily unavailable in your location.

We are working hard to get it back online.

PRIVACY
Enterprise

海角视频 house prices climb at fastest rate since 2021 - but one factor is 'slowing demand'

The 海角视频 housing market had its best year since 2021 last year, a new survey shows, but economists fear the the Budget could be about to slow down the market

The cost of moving house is soaring

The 海角视频 housing market experienced its best year since 2021 last year, according to a recent survey. However, economists are expressing concerns over emerging cracks in the market.

Halifax reports that 海角视频 house prices saw an overall increase of 3.3 per cent in 2024, with most of the growth occurring in the second half of the year. Amanda Bryden, head of mortgages at Halifax, stated that house price growth had "taken off" from the summer, reaching the highest level in over two years, as reported by .

"In the latter half of the year, house prices grew in response to the falls in mortgage rates, alongside income growth, both leading to financial pressures somewhat easing for buyers," she said. The impending changes to stamp duty thresholds have also stimulated the market as first-time buyers attempt to evade the impact of the tax change, added Bryden.

Despite this, 海角视频 house prices fell by 0.2 in December, ending a streak of five consecutive monthly increases. This resulted in the average property ending the year priced at £297,166.

Many analysts have attributed the slowdown in house price growth to the impact of the Budget. The Bank of England is expected to reduce interest rates more slowly than previously anticipated in 2025 due to the fiscal stimulus announced in October’s Budget.

This has exerted upward pressure on mortgages, thereby slowing demand. Data released earlier this month by the Bank of England revealed that mortgage approvals declined more rapidly than expected in November due to affordability constraints.

Tom Bill, head of 海角视频 residential research at Knight Frank, stated that the effects of the Budget would persist in the housing market in 2025. "The current rate of house price growth will come under more pressure as higher borrowing costs triggered by the Budget start to bite," he said.

Bryden also noted that a slower pace of interest rate cuts would mean that mortgage affordability "will remain a challenge for many". Nevertheless, a separate survey from Nationwide published last week revealed that 海角视频 house prices continued to rise in December, despite slightly higher mortgage rates.