Average house prices increase for the fourth consecutive month
By Andy Wade – Director Gallant Richardson Colchester
Colchester Property Market Update February 2024
Following on from our Colchester property market update last month and the positive media reporting of significant increases in buyer activity. The upbeat tone continues into February with the Halifax reporting fourth consecutive month of house price increases.
Halifax House Price Index, (January 2024): Key Points
- Average house prices rose by +1.3% in January, the fourth monthly rise in a row
- Property prices grew +2.5% annually, the highest annual growth since January 2023
- Typical UK home now costs £291,029, over £3,700 more than last month
- South East England continues to see the most downward pressure on house prices
The report confirms that house prices have risen for the fourth month in a row, Halifax recorded a 1.3% increase in January as lower mortgage rates ease pressure on buyers.
With January’s rise, the average price of a house in the UK now stands at £291,029, up from £287,105 in December, according to Halifax. It means that despite repeated fears of a correction, prices are 2.5 per cent higher than they were a year ago and only £2,000 or so below their peaks in the autumn of 2022.
Kim Kinnaird, director, of Halifax Mortgages, said: “This is the fourth consecutive month that house prices have risen and, as a result, the pace of annual growth is now 2.5%, the highest rate since January last year. “The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market, has contributed to increased confidence among buyers and sellers. This has resulted in a positive start to 2024’s housing market.
The Local Colchester Market
As we continue to see significant numbers of buyers coming to the local Colchester market, with the positive news about house price increases, buyers and sellers have reason to feel optimistic as confidence returns after the scare of a possible crash seems to have been avoided.
Homeowners who have been uncertain about putting their property on the market are increasingly taking advantage of the upturn in buyer activity as we are seeing more homes being listed.
Here is a selection of our recently listed homes –
Competition continues to intensify among mortgage lenders as the property market activity strengthens. With the mortgage price war hotting up, it’s a good time for those searching for a new deal, and have a great choice for the first time in many months.
Finding a good mortgage broker is a great option when looking for the best deal, they are often able to offer deals that are not advertised, which can mean real cost savings. We recommend Laura Landers of Blue Q Mortgage and find the service outstanding, please give our office a call for further details.
Moving in Colchester
There is very strong demand for properties in Colchester at the moment, with many buyers and tenants looking to rent a home in Colchester and surrounding areas.
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
You can also see our ‘Recently Sold Properties’.
Andy Wade – Gallant Richardson
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