Despite this, many homeowners coming to the end of a fixed-rate deal are now facing mortgage rates much higher than they have become used to.
Last week, the Bank said that about three million households are set to see their mortgage payments rise in the next two years.
The current average rate for a two-year fixed deal is 5.93%, although this is lower than last year’s peak of 6.86% and major lenders have been cutting rates in recent days.
In its latest figures, Halifax said that Northern Ireland saw the fastest regional house price growth, up 4% from a year earlier.
London still has the most expensive property prices, now averaging £536,306.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said that house prices and sales had been “tepid” for most of the year so far, and did not look “likely to warm up any time soon”.
The market was “suffering”, she added, due to a combination of higher mortgage rates and “sky-high” house prices as demand outstrips supply.
The property market is likely to be at the top of the new government’s agenda in the coming weeks and months, Ms Coles said.
Professor Sir John Curtice told the BBC that the general election results highlighted how the Conservatives performed poorly in places where more than one-third of families have a mortgage.
He suggested this could be due to the turmoil seen on markets following the mini-budget of September 2022.
During the election campaign, Labour focused largely on tackling housing supply, with a promise to build 1.5 million homes over the next parliament.
It aims to do this through reforming planning rules and allowing development on lower-quality areas in the green belt, dubbed the “grey belt”.
Overhauling the planning system, however, is likely to be a “gradual and tortuous process”, Ms Coles said.
Shares in housebuilders rose on Friday in reaction to Labour’s win, with Vistry Group, Persimmon and Taylor Wimpey all up by about 4%.
The Halifax predicted that property values are likely to rise modestly through this year and into 2025, while other mortgage brokers suggested that the resolution of the election campaign could boost the market.
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