Halifax House Price Index September 2024
House prices in September 2024 were 4.7% higher than the same month a year earlier.
House prices rise for third straight month
House prices increased by +0.3% in September, matching rise seen in August
Year-on-year prices are up +4.7%, still the strongest rate since November 2022
Higher annual growth continues to reflect the base impact of weaker prices a
year ago
Typical property now costs £293,399 (compared to £292,540 in August), highest
since June 2022
Average amount paid by first-time buyers now around £1,000 less than two
years ago
Northern Ireland continues to record the strongest annual house price growth in
the UK
Amanda Bryden, Head of Mortgages, Halifax, said:
“UK house prices climbed for the third month in a row in September, with a slight increase of +0.3%,
or £859 in cash terms. Annual growth edged up to +4.7%, the highest rate since November 2022. This
brings the average property price up to £293,399, just shy of the record high of £293,507 set in June
2022.
“It’s essential to view these recent gains in context. While the typical property value has risen by
around £13,000 over the past year, this increase is largely a recovery of the ground lost over the
previous 12 months. Looking back two years, prices have increased by just +0.4% (£1,202).
“Market conditions have steadily improved over the summer and into early autumn. Mortgage
affordability has been easing thanks to strong wage growth and falling interest rates. This has boosted
confidence among potential buyers, with the number of mortgages agreed up over 40% in the last
year and now at their highest level since July 2022.
“While improved mortgage affordability should continue to support buyer activity – boosted by
anticipated further cuts to interest rates – housing costs remain a challenge for many. As a result we
expect property price growth over the rest of this year and into next to remain modest.”
Spotlight on first-time buyers
The average amount paid by first-time buyers has increased by +4.2% over the past year, which
equates to an extra £9,409 in cash terms. This brings the typical first-time buyer property price up to
£232,769, its highest level since May 2024.
However that’s still about £1,000 less than the average amount paid by a first-time buyer two years
ago (£233,760), a decrease of around -0.4%.
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 +9.7% on an annual basis in September. The average price of a property in Northern
Ireland is now £203,593.
House prices in Wales also recorded strong growth, up +4.4%, compared to the previous year, with
properties now costing an average of £224,119.
Scotland saw a more modest rise in house prices, where a typical property now costs £205,718,
+2.1% more than the year before.
The North West once again recorded the strongest house price growth of any region in England, up
by +5.1% over the last year, to sit at £234,355.
London continues to have the most expensive property prices in the UK, now averaging £539,238, up
+2.6% compared to last year. This is still some way below the capital’s peak property price of
£552,592 set in August 2022.
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