Mapped: Most costly area for home costs revealed as January noticed new document excessive | EUROtoday

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House costs throughout the nation have hit document highs and sit simply shy of £300,000, in response to the newest index.

The common property value in January was £299,138, and on an annual foundation, costs rose by 3.0 per cent prior to now yr, in response to Halifax.

Amanda Bryden, head of mortgages at Halifax, stated there was “strong demand for new mortgages and growth in lending”, which is likely to be being pushed by first-time patrons attempting to finish offers earlier than a rise in stamp obligation in April.

In the Budget in October final yr, chancellor Rachel Reeves stated diminished stamp obligation charges in England and Northern Ireland would finish in April subsequent yr.

The modifications will imply that home patrons will begin paying stamp obligation on properties over £125,000, as a substitute of over £250,000 for the time being. First-time patrons presently pay no stamp obligation on houses as much as £425,000, however this may drop to £300,000 in April.

The map under exhibits common home costs in each area throughout the UK. Darker colors present the areas within the UK with the very best dwelling costs.

London stays the most costly place within the UK to purchase a house, with the common property costing £548,288, up 2.8 per cent on an annual foundation.

The northeast of England changed the northwest because the area with the strongest annual value progress, with values rising by 5.2 per cent to £178,696.

Homes in Northern Ireland noticed the strongest annual value rise of 5.9 per cent, with a median property now at £205,473.

In Wales, home costs rose 3.6 per cent in comparison with final yr, with property values averaging £227,397.

Scotland noticed a decrease rise in home costs general, up 2.4%, with properties now costing a median of £210,690.

Ms Bryden added: “Despite geopolitical uncertainties, and waning client confidence, different key indicators look pretty constructive for the housing market.

“The Bank of England has made its first base rate cut of the year, and there are probably more to come. Household earnings are expected to continue outpacing inflation – albeit that gap may narrow – easing some of the financial pressure still being felt from the cost-of-living squeeze.

“As things stand, mortgage rates are likely to hover between 4% and 5% in 2025, influenced by both global financial markets and domestic monetary policy.”

While home costs could have elevated, year-on-year progress was at three per cent, which is the slowest price since July 2024.

She added: “But the fundamental issue in the housing market remains the lack of supply. This long-term trend, coupled with a gradual improvement in affordability, should support further modest house price growth this year.”