Halifax House Price Index July: House prices are on the rise again

The July 2024 Halifax House Price Index was released earlier today – are house prices on the rise?

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

The latest data shows that UK house prices have rose by 0.8% following three relatively flat months. The average house price now sits at £291,268. 

According to the index, annual growth rose to +2.3%, the highest rate since the start of this year. In fact, the average price of a home is now only around £1,800 off the peak seen in June 2022. 

The data follows last week’s Bank of England’s Base Rate cut,  following recent reductions in mortgage rates, which is encouraging for first time buyers, those looking to remortgage or move along the housing ladder. Amanda Bryden, Head of Mortgages, Halifax said “against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.” 

In summary: 

• Average house prices rose by +0.8% in July, following three relatively flat months.
• Property prices grew +2.3% on an annual basis (vs +1.9% last month) 
• Typical UK home now costs £291,268, around £2,200 more than last month 
• 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 Friday 6th September 2024.   

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