UK house prices remained stable in June
- Average house prices largely flat in June, down by just -0.2% on a monthly basis
- Annual rate of house price growth unchanged from last month at +1.6%
- Typical UK home now costs £288,455 (compared to £288,931 in May)
- Northern Ireland records the strongest annual house price growth in the UK
Amanda Bryden, Head of Mortgages, Halifax, said:
UK house prices stayed relatively flat for the third successive month in June, with the slight fall equivalent to less than £500 in cash terms. On an annual basis, house prices posted a seventh consecutive month of year-on-year growth, with the average UK property value now standing at £288,455.
This continued stability in house prices – rising by just +0.4% so far this year – reflects a market that remains subdued, though overall activity has been recovering. For now it’s the shortage of available properties, rather than demand from buyers, that continues to underpin higher prices.
Mortgage affordability is still the biggest challenge facing both homebuyers and those coming to the end of fixed-term deals. This issue is likely to be eased gradually, through a combination of lower interest rates, rising incomes, and more restrained growth in house prices.
While in the short-term the housing market is delicately balanced and sensitive to the pace of change to Base Rate, based on our current expectations property prices are likely to rise modestly through the rest of this year and into 2025.
Nations and regions house prices
Northern Ireland recorded the strongest property price growth of any nation or region in the UK, rising by +4.0% on an annual basis in June, up from +3.3% the previous month. The average price of a property in the country is now £192,457.
In England, the steepest rate of house price inflation is found in the North West, up by +3.8% over the
last year, now standing at £231,351.
House prices in Scotland also increased, with a typical property now costing £204,663, +1.6% more than the year before. In Wales, house prices grew annually by +2.7% to reach £220,197.
Eastern England was the only region or nation across the UK to register a decline in house prices over the last year, where they now average £328,747, down -0.9% in June on an annual basis.
London continues to have the most expensive property prices in the UK, now averaging £536,306, up (+0.9%) compared to last year.
Read the full report for more insights on the current state of the UK housing market: Halifax Price Index June 2024
Source: Halifax
