Property prices in Britain are resurging despite the ongoing climb in borrowing costs to record levels due to high interest rates on the pound sterling, Invest-Gate reports.

This trend follows a period of losses the British property market incurred last year when the Bank of England hiked interest rates to curb inflation.

Moreover, the British property market has been a magnet for Arab and Gulf investments, offering opportunities not in many other countries. Over recent decades, massive Arab investments flooded into British real estate, especially in London, yielding substantial profits.

According to the latest data released by Halifax, one of Britain’s prominent lenders, the average house prices in Britain climbed for the third consecutive month in December, reaching their highest level since March 2023.

Furthermore, the report revealed that the average home cost in Britain rose by 1.1% to £287,105, slightly up from November. This marks the highest level since March last year. Property prices have witnessed a third month of increases after six consecutive declines.

Despite the rise in prices, Halifax expects a decrease ranging from 2% to 4% in house prices in 2024 due to sustained high mortgage rates compared to previous years.

In 2023, Northern Ireland saw the strongest growth in property prices, with a 4.1% increase, while Scotland witnessed a 2.6% rise.