Halifax reports 5th monthly rise in house prices

UK house prices rose for the fifth consecutive month in February, according to data from Halifax on Wednesday.

The Halifax house price index rose by 0.4% on a monthly basis in February, after rising by 1.2% in January. The typical UK home cost now costs around GBP291,699, GBP1,091 more than last month.

On an annual basis, prices rose by 1.7% last month, having risen by 2.3% in January. “While it is encouraging that we’ve seen growth in recent months, what happens next remains uncertain. Although lower mortgage rates, alongside expectations of Bank of England interest rate cuts this year, should help buyer confidence in the short term, the downward trend on rates is showing signs of fading,” said Kim Kinnaird, director at Halifax Mortgages. “Even with growing wages and inflation falling back, raising a deposit and affording a sizeable mortgage remains challenging, especially for those looking to join the property ladder, so it remains a possibility that there could be a slowdown in the housing market this year.”

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