Halifax: Annual Property Values Rise by 1.1%

Foxtons CEO, Guy Gittins, says: 

“Although UK homebuyers continue to wait patiently for interest rates to fall, this has not dampened the growing level of market confidence that has been building since the start of the year, and, in fact, many buyers are already pressing ahead with their plans to purchase with hopes of mortgage rate reductions on the horizon.

Since a hold on interest rates in September last year mortgage approvals have been climbing, there’s been an uplift in viewing activity and more offers are being made, so it’s clear that both buyers and sellers are responding favorably to a greater degree of market stability.

This bodes very well for the year ahead and we only expect conditions to improve further as spring turns to summer and these initial offers reach completion.”

Lomond CEO, Ed Phillips, commented: 

“Property market conditions have improved notably so far this year and while we’ve seen early signs of positive house price growth, it’s important to note that the landscape remains a difficult one, with buyers still facing a tough task with respect to affordability. 

With this in mind, it’s to be expected that the monthly rate of growth remains subdued, although the positive to take is that annually, property values are still climbing and the market has continued to stand firm.”

Director of Benham and Reeves, Marc von Grundherr, commented:

“The property market is arguably a little out of shape following a sustained period of subdued activity as a result of higher mortgage rates. And so while we’ve seen a string of positive house price reports in recent months, we’re yet to see the pace lift with respect to monthly growth. 

But while the road ahead may be a challenging one, we remain in a far better place than we were this time last year and that sets a solid foundation for the market to now kick on and post a stronger performance in 2024.”

CEO of Open Property Group, Jason Harris-Cohen, commented:

“Higher borrowing costs remain the key factor when it comes to current house price performance and while inflation may have eased, many buyers will have continued to struggle with their mortgage eligibility.

This is ultimately restricting the price they can pay and that is being reflected within a somewhat muted housing market performance. So while sellers should have a renewed degree of confidence given the uplift in market activity seen in recent months, it’s important to maintain a pragmatic approach to pricing if you do want to sell your home quickly.”

CEO of Yopa, Verona Frankish, commented: 

“Yet further growth, both on a monthly and annual basis, should bring another boost to the market and strengthen the momentum that has been building so far this year. 

Just last week, the Bank of England reported that mortgage approvals have climbed for their sixth consecutive month in a row and, while the market may still be finding its feet, it’s only a matter of time before this increase in buyer demand starts to drive a far stronger level of house price growth.”

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