UK house prices rise for first time since January - Halifax

(Sharecast News) - UK house prices rose in April for the first time since January, according to data released by Halifax on Thursday. House prices ticked up 0.3% on the month following a 0.5% decline in March and a 0.2% drop in February.

On the year, house prices rose 3.2% in April following 2.9% and 2.8% growth in March and February, respectively.

The average price of a property stood at £297,781 last month, compared to £296,899 in March.

Amanda Bryden, head of mortgages at Halifax, said: "We know the stamp duty changes prompted a surge in transactions in the early part of this year, as buyers rushed to beat the tax-rise deadline. However, this didn't lead to a significant increase in property prices, with the last six months characterised by a stability in prices rarely seen since the pandemic. While the market has cooled slightly since this rush, buyer activity remains strong in comparison to recent years.

"Mortgage rates have continued to fall, with most lenders now offering rates below 4%. Coupled with positive earnings growth that has outpaced broader inflation, these factors have helped to steadily improve affordability for many buyers.

"Overall, the market continues to show resilience despite a subdued economic environment and risks from geopolitical developments. There is likely to be a bump-up in consumer price inflation as household bills increase, but with further base rate cuts also expected, we anticipate a similar trend of modest price growth this year."