Halifax, the UK’s largest mortgage lender, announced today (May 7) that house prices in England experienced a modest increase of 0.1% in April compared to the previous month. This marks a turnaround following a 0.9% decline in March, which was the first contraction observed in six months.
In the year-on-year comparison, house prices in England saw a rise of 1.1% in April, building upon the 0.4% increase recorded in March.
According to Halifax, the average house price in England for April stood at £288,949 (US$362,284).
“Average house prices have remained relatively stable as we entered 2024,” noted Amanda Bryden, Head of Mortgages at Halifax.
Economists are forecasting that the Bank of England (BoE) will maintain its interest rates at a 16-year high of 5.25% during its upcoming announcement on Thursday (May 9). Financial markets anticipate that interest rates will remain untouched until at least August.