House prices rise but tough times endure

The property market remains in flux as both buyers and sellers face an uncertain picture, writes Rob Griffin

House prices have risen for three consecutive months - but experts warn they could fall by up to 4 percent over the coming year. Property values increased 1.1 percent in December due to a shortage of properties for sale, according to the Halifax house price index. This means the average UK home is now worth £287,105. But it's feared that buyers and sellers are likely to remain cautious in 2024 because of the ongoing economic uncertainty.

Sarah Coles, head of personal finance at Hargreaves Lansdown, says the average property had increased by £4,800 over the past year.

"However, there's every chance that a tough 2024 could test buyers to breaking point, and prices may well fall over the year," Coles adds.

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