Promising signs of increased housing activity
The Halifax 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 next Halifax House Price Index is scheduled for release on Friday 5th April 2024.
Download our market research report: Residential Conveyancing: What does the future hold for 2024?
