UK house prices jump to new high as stamp duty rise looms, says Halifax Average property price increases by 0.7% in January to record £299,138 as market starts year ‘on positive note’.
UK house prices bounced upwards in January to a new record as many buyers rushed to complete deals before a stamp duty increase this spring, according to one of the UK’s biggest mortgage lenders.
Liz Truss’s short-lived government temporarily raised the thresholds at which stamp duty is due in England and Northern Ireland in September 2022 in an effort to spur the housing market, before her reign collapsed in the wake of bond market chaos.
Economists and industry analysts expect house prices to continue to rise during 2025, as supply remains constrained and demand stays relatively stable, despite concerns over the UK economy’s momentum from the Bank of England.
Amanda Bryden, the head of mortgages at Halifax, said the housing market had started the year on a positive note – for homeowners and the industry at least.
