Mortgage Advice Bureau : Halifax House Price Index January 2019

Brian Murphy, Head of Lending for Mortgage Advice Bureau comments:

'Data released from Halifax this morning indicates a modest year on year increase in average prices in December, together with an average month on month rise. This is a slightly more positive reading than the Nationwide's report which was released last week, although there is a similarity between both, which is of course that this is a macro view and doesn't provide the light and shade of the currently disaggregated regional markets.

However, the Halifax report does suggest that, for the most part, the UK housing market performed within expectations for 2018 and has, for the most part, remained stable overall. Given the current political and economic headwinds, this is likely to be reassuring news.

Going into 2019, many lenders appear to have started the year in 'January sales mode' with a slew of rate reductions released over the last few days which have perpetuated an ultra-competitive market place. This is likely to be a result of many lenders now being in the final quarter of their financial year and possibly seeking to stimulate new business before they close the books in March. As such, this benign lending environment may well support the housing market over the next two or three months whilst clarity on the UK's departure from the EU is still awaited.'

To read the full report, click here.