UK house prices rise in July
- House prices increased by +0.8% in July, following three relatively flat months
- Annual growth rate of +2.3% is the highest since January 2024
- Typical property now costs £291,268 (compared to £289,042 in June)
- Northern Ireland continues to record the strongest annual house price growth in the UK
Amanda Bryden, Head of Mortgages, Halifax, said:
In July, UK house prices increased by +0.8% on a monthly basis, following three relatively flat months. The average house price in the UK is £291,268, up over £2,200 compared to the previous month.
Annual growth rose to +2.3%, the highest rate since the start of this year.
Last week’s Bank of England’s Base Rate cut, which follows recent reductions in mortgage rates, is encouraging for those looking to remortgage, purchase a first home or move along the housing ladder. However, affordability constraints and the lack of available properties continue to pose challenges for prospective homeowners.
Against the backdrop of lower mortgage rates and potential further Base Rate reductions, we anticipate house prices to continue a modest upward trend throughout the remainder of this year.
Nations and regions house prices
Northern Ireland continues to record the strongest property price growth of any nation or region in the UK, rising by +5.8% on an annual basis in July, up from +4.1% the previous month and the highest increase since February 2023. The average price of a property in Northern Ireland is now £195,681.
House prices in the North West also recorded strong growth, up +4.1%, compared to the previous month, properties here now average £232,489. In Wales, house prices grew +3.4% to £221,102 – the highest price seen since October 2022.
Scotland saw a rise in house prices, a typical property now costs £205,264, +2.1% more than the year before.
The only region or nation to record a fall across the UK was Eastern England. Properties here now average £330,282, down -0.4% on an annual basis.
London continues to have the most expensive property prices in the UK, now averaging £536,052, up (+1.2%) compared to last year.
Read the full report for more insights on the current state of the UK housing market: Halifax Price Index July 2024
Source: Halifax
