UK House Prices Hit Record High as Buyers Rush Ahead of Stamp Duty Changes

The average property price reached £299,138 in January, driven by easing interest rates and first-time buyers seeking to complete purchases before tax thresholds revert in April.

House prices in the UK increased by 0.7% in January, reaching a record average of £299,138, according to Halifax's latest data.
The rise is partly attributed to first-time buyers rushing to close deals before April's stamp duty changes, which will lower tax-free thresholds for home purchases.
The Bank of England's recent interest rate cut to 4.5%, with expectations of further reductions, has improved mortgage affordability and spurred demand.
Regional variations persist, with London remaining the most expensive area at an average of £548,288, while Northern Ireland saw the strongest annual growth at 5.9%.
Despite the price surge, affordability challenges remain as house price-to-earnings ratios and deposit requirements continue to strain buyers.