A positive start to 2024 for UK house prices.
The Halifax House Price Index (HPI) for January 2024 was published today – what does it show?
The latest data reveals that the cost of an average UK home in January was £291,029, up +1.3% or £3,924 compared to December last year.
Furthermore, this is the fourth consecutive monthly rise, with property prices growing 2.5%, the highest annual growth rate since January 2023.
According to the index, house prices in the South East fell the most in January compared to other UK regions, with homes selling for an average of £379,220. London retains the top spot for the highest average house price across all regions, at £529,528.
Halifax Mortgages director Kim Kinnaird commented on the latest figures:
“The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market has contributed to increased confidence among buyers and sellers. This has resulted in a positive start to 2024’s housing market.”
“Looking ahead, affordability challenges are likely to remain and further modest falls should not be ruled out, against a backdrop of broader uncertainty in the economic environment.”
In summary:
- Average house prices rose by +1.3% in January, the fourth monthly rise in a row
- Property prices grew +2.5% annually, the highest annual growth since January 2023
- A Typical UK home now costs £291,029, over £3,900 more than the previous month
- South East England continues to see the most downward pressure on house prices
The next Halifax House Price Index is scheduled for release on Thursday 7th March 2024.
Download our market research report: Residential Conveyancing: What does the future hold for 2024?
