House Price Rises Highest For A Year In January - Halifax
House price rises in January were the highest for a year as mortgage rates continued to ease, the Halifax has said.
A slowdown in inflation and a buoyant jobs market also helped push property prices up, it added.
The UK's biggest mortgage lender said a typical home now costs £291,029 on average, a 2.5% jump from January 2023.
The figures come as major housebuilder Barratt announced it would buy rival Redrow in a deal worth £2.5bn.
Housebuilders have struggled over the past couple of years as higher interest rates dented demand and construction costs rose.
But expectations of rates being cut this year, with inflation - the pace of price rises - slowing down, has led to "increased confidence" in the housing market, Halifax said.
However, it warned that while house prices had risen, interest rates still remained high compared with the historic lows seen in recent years, making it more expensive for prospective buyers to borrow.
The lender said first-time buyers faced average deposits of £53,414.