The average UK house price hit a record high of £276,759 at the start of 2022 after increasing by around £24,500 over the past year, according to an index.
But with household budgets under pressure from surging living costs, it is likely the pace of house price growth will slow considerably over the next year, Halifax has said.
However, the pace of monthly growth slowed in January, with values edging up by 0.3%, compared with 1.1% monthly increases recorded in November and December. House prices were up by 9.7% compared with a year earlier.
