The Bank of England has kept interest rates at 5.25% for the second month in a row. The rate remains relatively high compared to the low rates we’ve been used to since 2009.

High inflation has prompted the Bank to hike the base rate 14 times over the past couple of years.

However, a slowdown in the UK jobs market and inflation at 6.7% in September has allowed the Bank to put a hold on rates for the time being.

Interestingly, and in direct contrast to wider opinion, house prices rose by 1.1% in October, compared to a fall of 0.3% in September. This data is according to the latest House Price Index from Halifax.

This means the average house price across the UK is currently £281,974. That’s an increase of around £3,000 from September.

According to Savills, 2024 house prices are forecasted to fall by only a modest 3%. But a five year growth forecast of 17.9% would see average UK house prices increase by £45,521 by 2028.

With such a dynamic housing market but now showing some signs of stability returning, make the coming year your year to capitalise on the housing market either as a buyer or seller, or both.