House prices hit record high

Data from Halifax shows that UK house prices hit a record high in January, climbing 0.7% month-on-month and 3% year-on-year to hit an average of £299,138. House prices rose in all areas of the UK compared to last year, with Northern Ireland seeing a 5.9% increase over the past 12 months. In England, the northeast was the region with the highest annual property price growth, up 5.2% from last January. Scotland experienced the slowest growth but still saw a 2.4% rise. Amanda Bryden, head of mortgages at Halifax, commented: "Affordability is still a challenge for many would-be buyers, but the market’s resilience is noteworthy." She noted that the "strong demand for new mortgages and growth in lending" may be driven by first-time buyers trying to complete deals before an increase in stamp duty in April. The reform will mean buyers will start paying stamp duty on properties over £125,000, instead of the current threshold of £250,000. While first-time buyers currently pay no stamp duty on homes up to £425,000, this will drop to £300,000 in April. 

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