Bank of England’s interest rate rise and soaring household costs will hit affordability, says Halifax
UK house prices reached a record high in January according to Halifax, but the lender warned growth is likely to slow “considerably” this year as household finances come under increasing pressure.
The price of the average UK home reached a record high of £276,759 in January, up £24,500 over the year, and £37,500 higher than two years ago. However, house price growth slowed to just 0.3% in January, the smallest monthly increase since June last year, in a sign that the pandemic-fuelled boom could be fading.
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