UK House Prices Soar to Hit New Record of £276,759 in January

Source: Halifax

British house prices have surged to record highs last month, but the cost of living squeeze signals a possible slowdown this year. FTSE 100 up +0.31%, GBP USD down -0.13%

• In January, the average UK house price expanded to a new record high of £276,759. That figure is nearly £24,500 higher than the same period last year and £37,500 higher than two years ago before the Covid-19 pandemic started.
• Halifax reported that house prices expanded by 0.3% last month, their slowest monthly gain since last June.
• On a yearly basis, the rate of growth was fairly steady at 9.7% last month.
• Meanwhile, with the household budgets constrained by surging inflation and higher interest rate rates, the market is projected to slow down.
• Russell Galley, managing director at Halifax stated that house price growth slowed to an extent at the beginning of the year.
• Wales started off in 2022 as by far the strongest performance region in the UK.