UK house prices rise for the third consecutive month.
The Halifax House Price Index (HPI) for December 2023 was published today, and the data shows that the cost of an average UK home rose for the third month in a row to £287,105, up +1.1% or £3,066, in November, reaching the highest level since March 2023.
In December, house prices were 1.7% higher than the same month a year earlier. London retains the top spot for the highest average house price across all the regions, at £528,798, albeit prices in the capital have declined by -2.3% on an annual basis.
The housing market beat expectations in 2023 and grew by +1.7% on an annual basis. The average property price is now £4,800 higher than it was in December 2022.
In summary:
- Average house prices rose by +1.1% in December, the third monthly rise in a row.
- Property prices grew +1.7% overall in 2023.
- Typical UK home now costs £287,105, just over £3,000 more than last month.
- House prices predicted to fall by between -2% and -4% in 2024.
- South East England continues to see most downward pressure on house prices.
The next Halifax House Price Index is scheduled for release on Wednesday 7th February 2024.
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