House prices up amid hopes of Bank rate cut

ANNUAL house price growth has accelerated to 3.3%, with the average property now worth £290,000.

- By Vicky Shaw

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."