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Halifax House Price Index
House prices in October 2024 were 3.9% higher than the same month a year earlier.
07 November: Halifax House Price Index – October 2024 (PDF) 07 November: Halifax House Price Index – October 2024 (PDF, 281KB, opens in a new window)
October House Price Index Headline Statistics
Amanda Bryden, Head of Mortgages, Halifax, said:
"Average UK house prices nudged up +0.2% in October, continuing the positive momentum of recent months. This brought the annual growth rate to +3.9%, slightly lower than in September. The average property price has reached a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era ‘race for space’.
"That house prices have reached these heights again in the current economic climate may come as a surprise to many, but perhaps more noteworthy is that they didn’t fall very far in the first place. Despite the headwind of higher interest rates, house prices have mostly levelled off over the past two and a half years, recording a +0.2% increase overall. That’s a significant slowdown compared to the +21% rise we saw in the equivalent period from January 2020 to the summer of 2022.
"Despite the affordability challenge, market activity has been improving. The number of new mortgages agreed recently reached its highest level in two years. This aligns with average mortgage rates dropping steadily since spring - now over 160 basis points lower than in summer 2023 – coupled with continued positive income growth.
"Looking ahead, borrowing constraints remain a challenge for many buyers. Following the Budget, markets expect the Bank of England to cut rates more slowly than previously anticipated, which could keep mortgage costs higher for longer. New policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand.
"While we expect house prices to keep growing, it will likely be at a modest pace for the rest of this year and into next."
Future press releases
Published at 7.00am on:
Friday 6th December 2024
Tuesday 7th January 2025
Friday 7th February 2025
Friday 7th March 2025
Monday 7th April 2025
Thursday 8th May 2025
About the Halifax House Price Index
The Halifax House Price Index is the UK's longest running monthly house price series with data covering the whole country going back to January 1983.
From this data, a "standardised" house price is calculated and property price movements on a like-for-like basis (including seasonal adjustments) are analysed over time. The annual change figure is calculated by comparing the current month seasonally adjusted figure with the same month a year earlier.
S&P DJI, a world leader in critical information, analytics and solutions (NYSE: INFO) owns and acts as administrator for the Halifax House Price Index. For more information and details on how to access other indices from the Halifax House Price Index family go to the S&P Global website.
For all Halifax press releases, please see Lloydsbankinggroup.com