House prices to rise five percent this year

Homeowners were treated to a surprise rise in house prices last month as values bounced back after steep falls. 


Mortgage giant Halifax said the average cost of a home in Britain rose to £164,173 in January, a climb of 0.8 per cent. 


Property experts say a shortage of good homes coming up for sale, low interest rates and higher rents could boost property prices by five per cent this year. 


Halifax said the rise came after steep falls amid December’s snow disruption, when prices suffered a 1.3 per cent plunge.