House Prices Plateau as Mortgage Rates Rise

Average house prices have largely plateaued in the early part of 2024, amid rising mortgage costs, mortgage lender Halifax has reported. House prices held steady in April, following a monthly rise by 0.1 percent and annual growth by 1.1 percent. The Halifax House Price Index attributed this to the effect of weaker price growth in the same period last year. “The average property now costs £288,949, compared to £287,244 at the start of the year. While there is always much scrutiny of monthly price changes—and a degree of volatility is to be expected given current market conditions—the reality is that average house prices have largely plateaued in the early part of 2024,” said head of mortgages at Halifax, Amanda Bryden....