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Average UK house prices rose for the third straight month in December to their highest level since March 2023, according to mortgage lender Halifax.
Average house prices rose by 1.1 per cent last month, Halifax said. During 2023, property prices rose 1.7 per cent, showing unexpected resilience to high interest rates and the UK’s cost of living crisis.
Kim Kinnaird, of Halifax Mortgages, said: “The growth we have seen is likely being driven by a shortage of properties on the market, rather than the strength of buyer demand.
“That said, with mortgage rates continuing to ease, we may see an increase in confidence from buyers over the coming months.”
However, with interest rates likely to remain elevated, Halifax predicted house prices would fall by between 2 and 4 per cent in 2024.
