Elite Property

Breaking News: House Prices Show Signs of Stability in January

The latest Halifax HPI report shows that house prices have stabilised in January after price drops in the previous two months. The monthly change last month was 0% compared to a decrease of 1.3% in December and 2.4% in November. Quarterly figures show a 3.6% reduction in prices as the market cools down following a busy few months. The annual increase was 1.9%, down from 2.1% last month and the lowest in three years.

Kim Kinnaird, Director of Halifax Mortgages, says that the start of 2023 has brought some stability to UK house prices, with the average house price remaining largely unchanged in January at £281,684. She says that the squeeze on household incomes due to the rising cost of living and higher interest rates is expected to lead to a slower housing market, particularly compared to the rapid growth of recent years.

Chris Stone, Managing Director of Elite Property says: “Despite the mainstream media’s predictions of a falling market, that doesn’t seem to be the case currently. With the recent reductions to fixed term mortgages and the latest report from Halifax, confidence is returning to the sector. The cost of living crisis and the uncertainty created in the financial markets following last year’s mini budget was bound to have some impact on the housing market. We anticipate that over the remainder of the year, confidence will continue to increase and whilst we may see ups and downs in the market, it will remain mainly stable, especially as more properties come to the market”.

We advise potential buyers to continue to research the market carefully and not to stretch themselves when making offers. If you’re looking to find out how much your property is worth, you can obtain an instant valuation at www.eliteproperty.myinstantvaluation.com. With the market stabilising and confidence returning, now may be a good time to make your move.