House prices saw a monthly rise of 0.2% in October, marking the fourth consecutive month of growth and continuing the market trend of a steady rise.
The Halifax House Price Index (HPI) for October 2024 was published today – let’s take a brief look at the contents.
According to the index, the UK housing market is showing resilience with modest monthly growth, despite economic uncertainties. A gradual reduction in average mortgage rates and improved buyer confidence are helping to support prices, even as some anticipate a slower pace of Bank of England rate cuts. New government measures are also likely to play a role in shaping the market’s trajectory over the coming months. In summary:
- Monthly Change: House prices rose by 0.2% in October, marking a fourth consecutive month of increases, though easing slightly from September’s 0.3% growth.
- Annual Growth: Year-on-year, prices are up by 3.9%, a slight dip from September’s 4.7% but indicative of steady recovery.
- Record High: The typical property price has reached £293,999, surpassing the previous high set in June 2022.
- First-Time Buyers: Affordability pressures persist for first-time buyers, but improving income growth and steadier mortgage rates have supported ongoing demand.
- Regional Standouts: Northern Ireland continues to lead the UK in annual price growth, with a 10.2% increase. In England, the North West recorded the highest regional growth rate at 5.9%.
The next Halifax Price Index is scheduled for release on Friday 6th December 2024.
What does the future hold for the rest of 2024 and looking ahead to 2025? Download our Residential Market Research Report for further insights.
