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Halifax House Price Index: February 2024

Halifax House Price Index: February 2024

Promising signs of increased housing activity 

TheHalifax House Price Index(HPI) for February 2024 was published today – let’s take a brief look at the contents. 

The latest data reveals that UK house prices rose for the fifth consecutive month in February, up by +0.4%, with the average house price now £291,699. 

According to the index, house prices were +1.7% higher than a year ago, slowing from +2.3% in January. In fact, the average price of a home is now only around £1,800 off the peak seen in June 2022. 

These figures continue to suggest a relatively stable start to 2024 and align with other promising signs of increased housing activity, such as mortgage approvals. However, even with growing wages and inflation falling back, raising a deposit and affording a sizeable mortgage remains challenging, especially for those looking to join the property ladder, so it remains a possibility that there could be a slowdown in the housing market this year. 

In summary: 

  • Average house prices rose by +0.4% in February, the fifth monthly rise in a row  
  • Property prices grew +1.7% on an annual basis (vs +2.3% last month)  
  • Typical UK home now costs £291,699, around £1,000 more than last month  
  • Eastern England saw most downward pressure on house prices 

 The nextHalifax House Price Indexis scheduled for release on Friday 5th April 2024. 


Download our market research report: Residential Conveyancing: What does the future hold for 2024? 


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