In the wake of our most recent Halifax House Price Index report, it reveals that there has been a small dip of 0.4% (a decrease of around £1,150) in house prices in May. The UK housing market continues to be stable and resilient. The report also offers a range of detailed statistics as well as the view of the uncertain state of the economy and affordability in houses.
Key Highlights:
- Monthly Change: House prices dropped by -0.4% in May, reversing April’s +0.3% rise.
- Annual Growth: Prices are up by +2.5% compared to +3.2% in April.
- Record High: Average property is now £296,648, down from 297,798.
- First-Time Buyer: Affordability continues to be a challenge for many first-time buyers but easing house prices and steady wage growth are offering some confidence.
- Regional Standouts: Northern Ireland, Wales and Scotland remains to have the strongest inflation in annual property prices. Northern Ireland leads by having a substantial increase of +8.6%, meaning that a typical home now costs £209,388.
The next Halifax House Price Index is scheduled for release on Monday 7th July 2025.
