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Halifax House Price Index: March 2024

Halifax House Price Index: March 2024

Annual growth slows, but house prices remain up on last year. 

TheHalifax House Price Index(HPI) for March 2024 was published today – what does it show? Let’s take a brief look.  

The latest data reveals that UK house prices grew in March on a quarterly basis, by +2.0%, with annual growth slowing to +0.3%, from 1.6% in February. Compared to last month, the price of a UK property fell -1.0% or £2,908 in cash terms, with the average property now costing £288,430. 

According to the index, London continues to have the highest average house price in the UK, at £539,917. Prices in the capital have increased by +0.4% over the last year.   

The broader picture is that house prices are up year-on-year. Taking a slightly longer-term view, prices haven’t changed drastically over the past couple of years, and are still almost £50,000 above pre-pandemic levels. 

The housing market remains sensitive to the scale and pace of interest rate changes, and with only a modest improvement in affordability on the horizon, this will likely limit the scope for significant house price increases this year. 

In summary:  

  • Property prices grew by +0.3% annually (vs +1.6% last month)  
  • House prices up +2.0% on previous quarter  
  • Average house prices fell by -1.0% in March on a monthly basis, following a rise of +0.3% in February  
  • Typical UK home now costs £288,430, around £2,900 less than last month  
  • Northern Ireland remains strongest performing nation or region in the UK 

The nextHalifax House Price Indexis scheduled for release on Tuesday 7th May 2024. 

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


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