Halifax claim 2024 has a strong start

The latest Halifax Price Index has reported a continued rise in average house prices, with January marking the fourth consecutive month of growth. Here are the key points from their recent findings:

  1. Monthly and Annual Growth:
    • Average house prices rose by 1.3% in January, marking the fourth monthly increase in a row.
    • On an annual basis, property prices grew by 2.5%, the highest annual growth since January 2023.
    • This brings the typical UK home price to £291,029, representing an increase of over £3,700 compared to the previous month.
  2. Factors Contributing to Growth:
    • Kim Kinnaird, director of Halifax Mortgages, attributes the recent growth to factors such as reduced mortgage rates, fading inflationary pressures, and a resilient labour market.
    • Increased confidence among buyers and sellers has also played a role in the positive start to 2024’s housing market.
  3. Affordability Challenges:
    • Despite the growth, affordability challenges persist, with the average deposit for first-time buyers now standing at £53,414, approximately 19% of the purchase price.
    • Kinnaird notes that almost two-thirds of new buyers are now purchasing in joint names, reflecting the challenges faced by individual buyers.
  4. Regional Variations:
    • Northern Ireland recorded the strongest growth among all UK nations or regions, with a 5.3% increase in house prices on an annual basis.
    • Scotland and Wales also saw positive growth, each up 4% annually.
    • Other regions that experienced house price increases over the last year include the North West, Yorkshire and Humber, North East, and East Midlands.
    • In contrast, the South East experienced the largest monthly decrease in house prices, with a 2.3% drop compared to other UK regions.
    • Despite remaining the region with the highest average house price, London saw a 0.4% decline in prices on an annual basis.

Overall, while the housing market has shown resilience and growth, challenges related to affordability and regional variations continue to influence the market dynamics.



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