House prices unchanged in January

The latest figures from Halifax show house price growth in January was unchanged month-on-month, following monthly decreases of 1.3% in December and 2.4% in November. The annual rate of house price growth slowed to 1.9% last month, the weakest increase in three years. The average UK house price is now more than £12,000 below a peak in August, though it still remains some £5,000 higher than in January 2022. Kim Kinnaird, at Halifax Mortgages, said the trend of higher borrowing costs hitting demand was likely to continue in 2023.