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House prices up amid hopes of Bank rate cut
Daily Express
|January 16, 2025
ANNUAL house price growth has accelerated to 3.3%, with the average property now worth £290,000.
November's figure was up from 3% in October, the Office for National Statistics said.
It comes amid a surprise slowing in inflation. The Consumer Price Index measure fell to 2.5% in December from 2.6% in November, amid expectations price rises would be unchanged.
Iain McKenzie, boss of the Guild of Property Professionals, said: "With mortgage rates still elevated, all eyes will be on the Bank of England, with many hoping for a rate cut at the next meeting in February.
"This should spur sentiment in the market and will hopefully have a knock-on effect on mortgage rates.
"Many are expecting a few rate cuts throughout 2025, but the frequency will depend on inflation playing its part."
This story is from the January 16, 2025 edition of Daily Express.
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