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House prices rise

UK house prices rise – Halifax

UK house prices rose by 0.1% on a monthly basis in April, according to Halifax’s newly-published monthly House Price Index.

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Originally posted: 9th May, 2024

Annually, property prices increased by 1.1%

UK house prices rose by 0.1% on a monthly basis in April, according to Halifax’s newly-published monthly House Price Index.

A typical UK home costs £288,949, against £288,781 in March, when prices dropped by 0.9%.

Annually, property prices increased by 1.1%, against a 0.4% rise the previous month.

Amanda Bryden, Halifax’s Head of Mortgages, said: “While there is always much scrutiny of monthly price changes — and a degree of volatility is to be expected given current market conditions — the reality is that average house prices have largely plateaued in the early part of 2024.”

She added: "While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability.”

By region, Northern Ireland remained the best performing nation or region in the UK, with house prices up by 3.4% on an annual basis in April, though this was down from 4.1% in March. Properties in Northern Ireland cost an average of £192,502.

In Wales annual property price growth slowed to 1.1% in April, from 1.9% in March, with the average home costing £218,775. Scottish house prices increased 1.5% year-on-year to stand at £204,579.

The North West continued to see the highest growth in England, up by 3.3% on an annual basis to £231,599.

Annual price falls were predominately found in the south of England, as the "North-South" divide across English regions remained. Properties in Eastern England recorded the largest decline of -1.1%, with homes selling for an average of £329,723 — a drop of £3,541 over the last year.

London is still the most expensive region in the UK to buy a home, with an average price of £539,336. However, prices in the capital have been relatively flat over the last year, up by only 0.1%.

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