UK house prices rise in July ’24

UK house prices increased by 0.8 per cent in July 2024, month-over-month, following a period of three relatively flat months, according to data released on Wednesday.

The average house price in the UK is now £291,268, reflecting an increase of over £2,200 compared to June. On an annual basis, house price growth reached 2.3 per cent, the highest rate since the beginning of the year.

The recent Bank of England (BOE) Base Rate cut, coupled with reductions in mortgage rates, offers encouragement for prospective homebuyers and those looking to remortgage, according to Amanda Bryden, Halifax’s Head of Mortgages.

“However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners,” Bryden added.

She further affirmed that with the prospect of further base rate reductions, house prices are expected to see a modest upward trend for the remainder of 2024.

Northern Ireland led the UK’s regional house price growth, with an annual increase of 5.8 per cent in July, up from 4.1 per cent in June, marking the highest rise since February 2023. The average property price in Northern Ireland now stands at £195,681.

The North West also experienced strong growth, with house prices rising by 4.1 per cent to an average of £232,489. In Wales, house prices increased by 3.4 per cent to £221,102, the highest level since October 2022.

Scotland saw a 2.1 per cent rise in house prices, bringing the average property cost to £205,264. The only region to experience a decline was Eastern England, where average property prices fell by 0.4 per cent annually to £330,282.

London remains the most expensive area for housing in the UK, with average property prices reaching £536,052, up 1.2 per cent compared to the previous year.

Attribution: Halifax