In the mortgage sector, Mark Harris, chief executive of SPF Private Clients, provided insight into interest rates, saying: "Swap rates (which are used by lenders to price mortgages) continue on a downwards path with some lenders dropping their mortgage rates, in part reversing recent increases.".
House prices hit new record high as Halifax reveals increases across the UK UK house prices have surged by 0.7% month-on-month in January, soaring to a new record average and just short of the £300,000 mark according to an index.
Pricing trends were also shown in the most recent house price data from Halifax, presenting average house prices alongside annual increases (based on the most recent three months of approved mortgage transaction data):.
For those in the market for a new mortgage, Alice Haine, personal finance analyst at Bestinvest by Evelyn Partners, advised: "Amid so much uncertainty, those hunting for a new mortgage should remember to analyse offers carefully and consult a reputable broker to help them find the right solution for their needs.".
Amanda Bryden, head of mortgages at Halifax commented: "The UK housing market started the year on a positive note, with average prices rising by 0.7% in January, more than recovering the slight dip of 0.2% in December.
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