UK House Prices Reach a Record High in October 2024
Halifax has released its latest House Price Index for October, offering insight into trends within the UK housing market. Halifax’s data shows property price growth continued its momentum into October, marking the fourth consecutive month of rising house prices, with a monthly increase of 0.2%.
This increase has brought the average property price to £293,999 which breaks the previous record of £293,507 set in June 2022. Annually, property prices have risen by 3.9%, slightly down from the 4.6% increase recorded in September.
Regional House Prices
Halifax’s latest report highlights property price movements in various regions of the UK:
- Northern Ireland:
Northern Ireland continues to lead the UK with the highest annual price growth, rising by 10.2% on an annual basis in October. The average property price now stands at £204,242. - Wales:
Wales saw significant growth in September, with property prices increasing by 5.6% compared to the previous year, bringing the average house price to £225,543. - Scotland:
Scotland experienced a slight growth, with a 1.9% rise in prices year-on-year. The average property price in Scotland is now £206,480. - North West England:
The North West of England recorded the strongest price increase in England, with a 5.1% rise over the past 12 months. The average house price in this region is £235,587. - London:
London remains the region with the most expensive property prices within the UK, with a 3.5% increase in average prices over the last year, bringing the figure to £543,308.
Housing Market Activity
Despite continued affordability challenges, the market activity has been improving with house prices reaching a record high surpassing the peak seen in June 2022. Additionally, the number of completed sales and mortgages approved have both risen throughout September by 0.9% and 1.1% respectively.
Looking ahead Halifax believe that borrowing costs will remain a limiting factor for many. Following the Autumn Budget, Halifax expect the Bank of England to make rate cuts at a slower pace than previously anticipated, which could lead to higher mortgage costs for longer. They also believe that the changes to stamp duty for ‘second-properties’ and first time buyers in 2025 may also affect buyer demand.
Looking ahead, Halifax expect house prices to continue to rise, albeit at a modest pace throughout the end of the year and into 2025.
The Importance of Expert Guidance
Given the ever-changing market conditions, seeking the assistance of a mortgage consultant is more important than ever. With their expertise, you can navigate these fluctuations effectively and find the best possible mortgage options tailored to your needs.
Our experienced mortgage consultants are ready to assist you with personalised guidance every step of the way. For an initial consultation, speak with our experts or call us at 01628 564631. We're here to help you navigate your mortgage journey with informed advice and care.
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The information contained within was correct at the time of publication but is subject to change.
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Source: Halifax
