Property price recovery is continuing to build...

For-sale values leap by £3,785 for fourth month in row

- Sarah O'Grady

THE property market is on the road to recovery, with house prices and demand for homes on the rise.

£3,785 Asking prices jumped month-on-month in January, according to lender Halifax - marking the fourth month in a row of increases.

And surveyors say business is increasing with a boom in buyer interest, sales and new instructions.

Tom Bill, of estate agents Knight Frank, said: "After suffering the effects of 14 consecutive rate rises last year, house prices are getting stronger as multiple interest rate cuts are expected in 2024.

"The number of new buyers registering and offers being submitted have increased since lenders dropped their prices last month.

"That suggests demand and activity levels will only get stronger, leading to a modest single-digit price increase this year." The latest Halifax house price index found values typically rose by 1.3% last month, compared with December.

Annually, prices increased by 2.5% the highest growth since last January putting the price of the typical three-bedroom semi at £291,029.