The December 2024 Halifax House Price Index was released earlier today – how did the market do in 2024?
The Halifax House Price Index (HPI) for December 2024 was published today – we’ve put together an overview of what it covers.
The latest data shows that UK house prices have decreased by -0.2% in December, dropping from the record highs in November. The average house price now sits at £297,166.
According to the index, year-on-year prices are up +3.3%, decreasing from +4.7% in November. The North West recorded the strongest growth of any region in England, with house prices up +5.3%, compared to the previous year, with properties now costing an average of £238,832. Northern Ireland continues to record the strongest property price growth of any nation or region in the UK, rising by +7.4% on an annual basis in December.
The housing market started off steadily in 2024, with house price growth taking off from the summer onwards. Amanda Bryden, Head of Mortgages, Halifax said “in the latter half of the year, house prices grew in response to the falls in
mortgage rates, alongside income growth, both leading to financial pressures somewhat easing for buyers. Impending changes to Stamp Duty thresholds have also given prospective first-time buyers even greater motivation to get on the housing ladder and bring any home-buying plans forward. Together, these elements meant mortgage demand picked up, hitting the highest level in over two years and back to levels seen pre-pandemic.”
The next Halifax House Price Index is scheduled for release on Friday 7th February 2025.
Delve deeper into the property market for 2024 and watch our market trends webinar.
