House prices rise 4.8% in December

The UK housing market has experienced an unexpected surge, with average house prices reaching a record £298,083 in December, marking a 4.8% increase from £284,442 the previous year, according to Halifax. The growth has been attributed to a decline in mortgage rates, alongside wage growth outpacing inflation. However, Halifax warns that this trend may not continue into 2025, as the decline in interest rates is expected to be gradual. Amanda Bryden, head of Halifax Mortgages, said: "2024 was a year when UK property prices once again defied expectations." The report also highlighted that first-time buyers saw a 4.1% increase in property prices, while the highest annual inflation was recorded in Northern Ireland at 6.8%. The slowest annual growth was in Scotland at 2.8%. Halifax expects modest house price growth next year in the range of 0-3%, along with a further small increase in the number of transactions. 

Daily Mail (18/12/2024)   The Independent (18/12/2024)   The Times (18/12/2024)