2/7, 8:02 AM (Source: TeleTrader)
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UK annual house price growth down to 1.9% in January

House prices in the United Kingdom rose by 1.9% in January compared to the same timeframe a year prior, the lowest level recorded over the last three years, the Halifax House Price Index report revealed on Tuesday. The average house price stood at £281,684 in the reported month.

On a monthly basis, house prices in the country remained stable in January after significant monthly falls recorded in the previous two months, while the quarterly change marked a 3.6% loss when compared to the previous trimester.

"We expected that the squeeze on household incomes from the rising cost of living and higher interest rates would lead to a slower housing market, particularly compared to the rapid growth of recent years. As we move through 2023, that trend is likely to continue as higher borrowing costs lead to reduced demand," Halifax Mortgages Director Kim Kinnaird remarked.

Baha Breaking News (BBN) / MX