HOUSING NEWS

House price rises in January were the highest for a year as mortgage rates continued to ease, the Halifax has said.

Mortgage rates are continuing to fall despite some concern that upheaval in the Red Sea could hit the UK economy.

Competition has intensified among mortgage lenders for people who are searching for a new deal, bringing some relief to those facing higher bills.

Mortgage lenders have started the year by cutting rates, taking some of the pain out of the cost of a new deal for homeowners.

Services have been restored after a cyber-attack that played havoc with property completions, but those affected can complain.

House prices have ended the year 1.8% lower, according to Nationwide which forecasts no growth or a further fall in 2024.

Homeowners and buyers have spoken of their “serious stress” after a cyber-attack played havoc with property completions.

UK lending for house purchases will fall by 8% in 2024, a trade association representing banks is predicting.

Mortgage rates on a typical two-year fixed deal have fallen below 6% for the first time since mid-June, according to Moneyfacts.

The number of people falling behind on their mortgage payments rose sharply over the summer months, figures from the banking sector show.