Halifax House Price Index August: House prices £1000 shy of record high

The August 2024 Halifax House Price Index was released earlier today – how have easing interest rates helped the market?

The Halifax House Price Index (HPI) for August 2024 was published today – we’ve put together an overview of what it covers.

The latest data shows that UK house prices have increased by 0.3% following a rise of 0.9% in July. The average house price now sits at £292,505. 

According to the index, year-on-year prices are up +4.3%, the highest rate since the start of this year by 1.9%, with the average price of a home is now only £1,000 shy of the peak seen in June 2022. 

The data follows a positive summer for the UK housing market, with prospective homebuyers feeling more confident thanks to easing interest rates. This growing optimism is evident in the latest mortgage approval numbers, which have reached their highest level in almost two years. Amanda Bryden, Head of Mortgages, Halifax said “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.”

In summary: 

• Average house prices rose by +0.3% in August, after a +0.9% rise in July.
• Property prices grew +4.3% on an annual basis (vs +2.4% last month) 
• Typical UK home now costs £292,505, only £1000 shy of June 2022’s record high 
• Northern Ireland continues to record the strongest annual house price growth in
  the UK

 The next  Halifax House Price Index  is scheduled for release on Monday 7th October 2024.   

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