The Halifax estimate of the average home now costing close to £300,000 will be met with dismay by many first-time buyers, but comes in the context of sharp differences in prices in different parts of the country.
However, Amanda Bryden, head of mortgages at the Halifax, said stamp duty changes in April would give prospective first-time buyers “even greater motivation to get on the housing ladder and bring any home-buying plans forward”.
“Mortgage affordability will remain a challenge for many,” she said.
“However, providing employment conditions don’t deteriorate markedly from a more recent softening, buyer demand should hold up relatively well and, taking all this into account, we’re continuing to anticipate modest house price growth this year.”
