House prices in the United Kingdom increased by 1.9 percent in a year

House prices in the UK were reported to have risen by 1.9 percent a year in January this year.

In the statement made by the British Halifax home loan finance institution, it was reported that house prices in the country remained at their current level (0 percent) on a monthly basis in January this year and increased by 1.9 annual percent.

House prices in the country decreased 1.3 percent monthly in December last year and increased 2.1 percent annually. In the statement, it was reported that the average price of housing in the country was at the level of 281 thousand 684 pounds in January of this year.

Kin Kinnaird, Director of Halifax Home Loans, said: “We expect a decline in household income due to rising cost of living and rising interest rates. This will cause the housing market to slow down after the rise in house prices in recent years. he used the phrases.

Kinnaird said demand in the housing sector is expected to slow this year due to rising borrowing costs.

INCREASE INTEREST

The Bank of England (BoE) announced last week that it had decided to raise the policy rate by 50 basis points to 4.0 percent. After the bank’s latest rate hike, the country’s policy rate is at its highest level since October 2008.

In the markets, the bank is expected to raise the policy rate to 4.5 percent this year. According to the National Statistics Office (ONS), the Consumer Price Index (CPI) in the country increased by 10.5 percent annually in December 2022.

After registering the highest level of the last 41 years with 11.1 percent in October of last year, inflation in the country slowed to 10.7 percent as of November. Food prices in England rose 16.8 percent annually in December last year. This rate was recorded as the largest increase since September 1977. (BRITISH AUTOMOBILE CLUB)