House price growth set to slow considerably

House price growth is set to slow "considerably" in the coming year, according to the Halifax, as households face a squeeze on their finances. The mortgage lender said house prices grew by 0.3% in January, the lowest monthly increase since June 2021. However, the rise meant the average price hit a record high of £276,759, whilst affordability remained at "historically low levels". Annual house price growth remained at 9.7% in January. The Halifax noted that house price rises continued to outstrip earnings growth. "Despite record levels of first-time buyers stepping onto the ladder last year, younger generations still face significant barriers to homeownership as deposit requirements remain challenging," said Russell Galley, managing director at Halifax. 

BBC News (07/02/2022)   Daily Mail (07/02/2022)   Evening Standard (07/02/2022)