UK house prices have increased
As 2024 starts to draw to a close and we enter the final three months of the year, there has been some promising and positive signs for UK property owners regarding UK house prices. Over the last…well…couple of years, really, UK house prices are increased generally. But at a snails pace. Some months average prices have been stagnant and other months they have dipped, but Halifax’s latest UK House Prices Index has revealed some much more positive news. According to the report, UK house prices have increased by 0.3%!
UK House Prices Increase
Halifax’s UK House Price Index is a report produced by Halifax bank which details trends and facts and figures surrounding the UK housing market. This report is a great indication of where the housing market is potentially heading, and where things stand for homeowners, investors, and future buyers. The latest report released this week showed that house prices increased by 0.3% in September 2024. The report says that a typical property costed approximately £293,399, compared to £292,540 in August 2024. Year-on-year prices were also up a huge 4.7%, marking the strongest rate of growth since November 2022.
Regional UK House Prices
The report also gave a regional UK house price breakdown, displaying which areas of England, Norther Ireland, Scotland, and Wales had the biggest upward trends. According to the Halifax House Price Index, Northern Ireland had the strongest property price growth of any nation or region in the UK in September 2024, with a huge 9.7% increase on an annual basis in September 2024. The average price of a property in Northern Ireland is currently £203,593.
House prices in Wales were also up by a solid 4.4%, compared to the average price of properties in 2023, with houses costing an average of £224,119. Scotland didn’t see such a big increase, with a typical property now costing £205,718. Only 2.1% more than in 2023. The North West of England showed the strongest house price growth of any region in England, up by 5.1% over the last year, with the average property price at £234,355.
London, where our office is based and where most of our clients choose to buy property, continued to have the most expensive property prices in the whole report, with an average price of £539,238, up 2.6% compared to 2023. Halifax points out that this was still quite far below London’s peak property price of £552,592 in August 2022.
Speak To A UK Mortgage Broker
With house prices increasing, now is a great time to talk about mortgages. Whether you are looking to purchase a property or remortgage one that you already own, we are here to help. Call or email our team of mortgage experts today for a fee free initial mortgage conversation.
