House prices in August 2024 were 4.3% higher than the same month a year earlier.
The Halifax House Price Index (HPI) for August 2024 was published today – let’s take a brief look at the contents.
The latest data reveals that the average property is now just £1,000 shy of the record high set in June 2022 (£293,507).
According to the index, market activity is picking up and with the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.
In summary:
- House prices increased by +0.3% in August, after +0.9% rise in July
- Year-on-year prices are up +4.3%, the strongest rate since November 2022
- Higher annual growth largely reflects the base impact of weaker prices a year ago
- Typical property now costs £292,505 (compared to £291,585 in July), highest since August 2022
- Northern Ireland continues to record the strongest annual house price growth in the UK
The next Halifax House Price Index is scheduled for release on Monday 7th October 2024.
What does the future hold for the rest of 2024? Download our market research report for further insights.
