Market Analysis

In April, British house prices saw a modest uptick, rising by 0.1% compared to March and showing a 1.1% increase from the previous year, according to data from mortgage lender Halifax released on Tuesday. This slight acceleration in growth from March's 0.4% annual rise comes as interest rates remain high.

Amanda Bryden, head of mortgages at Halifax, commented, "Average house prices have largely stabilized in the early months of 2024."

Economists surveyed by Reuters anticipate that the Bank of England will maintain its interest rates at 5.25%, a level not seen in 16 years, in its May rate decision announcement on Thursday. Financial markets also suggest that interest rates are unlikely to decrease until August.

The latest house price data indicates a rebound in growth following a 0.9% decline in March, marking the first decrease in six months.

According to Halifax, the average house price in April stood at £288,949 ($362,284).

Paraphrasing text from "Reuters" all rights reserved by the original author.