House prices at new high ahead of stamp duty change, says Halifax

Published On Feb 7, 2025, 3:31 AM

UK house prices have reached an all-time high of £299,138, according to Halifax, with prices showing resilience despite a slight dip in December. Annual growth has slowed to 3.0%, which is the weakest since July 2023. The market is buoyed by strong demand from first-time buyers, likely motivated to complete purchases before an increase in stamp duty rates come April, which will change the threshold for stamp duty payments and affect first-time buyers. Despite uncertainties, positive indicators like the Bank of England's interest rate cuts and growing household earnings are seen as beneficial for the housing market. London remains the priciest market, while Northern Ireland is experiencing the fastest growth in prices.