The November 2024 Halifax House Price Index was released earlier today – what can we expect entering 2025?
The Halifax House Price Index (HPI) for November 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 +1.3% in November, which is the biggest increase so far this year. The average house price now sits at £298,083, which is a new record.
According to the index, year-on-year prices are up +4.8%, increasing from +4.0% in October. The North West recorded the strongest growth of any region in England, with house prices up +5.9%, compared to the previous year, with properties now costing an average of £237,045. Northern Ireland continues to record the strongest property price growth of any nation or region in the UK, rising by +6.8% on an annual basis in November.
With the continuation of house prices rising month on month and improving levels of demand for mortgages with easing mortgage rates boosting buyers confidence, market activity continues to be moving in a positive direction. Amanda Bryden, Head of Mortgages, Halifax said “However, despite these positive trends, many potential buyers and movers still face significant affordability challenges and buyer confidence may be tested against a changeable economic backdrop. As we move towards the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand. This should underpin further house price growth, albeit at a modest pace as borrowing costs remain above the average of a few years ago.”
The next Halifax House Price Index is scheduled for release on Tuesday 7th January 2025.
Delve deeper into the property market for 2024 and watch our market trends webinar.
