The October 2024 Halifax House Price Index was released earlier today – how is the market looking as we near the end of 2024?
The Halifax House Price Index (HPI) for October 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 0.2%, which is the fourth consecutive monthly increase. The average house price now sits at £293,999, surpassing the previous peak set in June 2022.
According to the index, year-on-year prices are up +3.9%, easing from +4.6& in September. Northern Ireland continues to record the strongest annual house price growth in the UK.
Following a positive momentum of recent months, house prices are continuing to rise and despite the affordability challenge, market activity has been improving with the number of new mortgages agreed recently reaching its highest level in two years. Amanda Bryden, Head of Mortgages, Halifax said “Looking ahead, borrowing constraints remain a challenge for many buyers. Following the budget, markets expect the Bank of England to cut rates more slowly than previously anticipated, which could keep mortgage costs higher for longer. New policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand.”
In summary:
The next Halifax House Price Index is scheduled for release on Friday 6th December 2024.
Delve deeper into the property market for 2024 and watch our market trends webinar.
