Halifax House Price Index for August
UK house prices edge up to hit two-year high
House prices in August 2024 were 4.3% higher than the same month a year earlier.
House prices increased by +0.3% in August, after +0.9% rise in July
Year-on-year prices are up +4.3%, the strongest rate since November 2022
Higher annual growth largely reflects the base impact of weaker prices a year
ago
Typical property now costs £292,505 (compared to £291,585 in July), highest
since August 2022
Northern Ireland continues to record the strongest annual house price growth in
the UK
Amanda Bryden, Head of Mortgages, Halifax, said:
“House prices increased by +0.3% in August, following a rise of +0.9% in July, with the typical property now costing £292,505. Annual growth has risen to +4.3%, the strongest rate since November 2022, but this is due in large part to the comparison with weaker growth this time last year.
“Recent price rises build on a largely positive summer for the UK housing market. Prospective homebuyers are feeling more confident thanks to easing interest rates. That optimism is reflected in the latest mortgage approval figures, now at their highest level in almost two years.
“Such has been the resilience of house prices that the average property is now just £1,000 shy of the record high set in June 2022 (£293,507). While this is welcome news for existing homeowners, affordability remains a significant challenge for many potential buyers still adjusting to higher mortgage costs.
“However with market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.”
Nations and regions house prices
Northern Ireland continues to record the strongest property price growth of any nation or region in the
UK, rising by +9.8% on an annual basis in August. The average price of a property in Northern Ireland
is now £201,043.
House prices in Wales also recorded strong growth, up +5.5%, compared to the previous year, with
properties now costing an average of £224,433.
Scotland saw a more modest rise in house prices, where a typical property now costs £205,144,
+1.7% more than the year before.
The North West once again recorded the strongest house price growth of any region in England, up
by +4.0% over the last year, to sit at £232,917.
London continues to have the most expensive property prices in the UK, now averaging £536,056, up
+1.5% compared to last year.
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