House prices in July 2024 were 2.3% higher than the same month a year earlier.
The Halifax House Price Index (HPI) for July 2024 was published today – let’s take a brief look at the contents.
The latest data reveals that UK house prices increased by +0.8% on a monthly basis.
According to the index, last week’s Bank of England’s Base Rate cut 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.
In summary:
- 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
The next Halifax House Price Index is scheduled for release on Friday 6th September 2024.
What does the future hold for the rest of 2024? Download our market research report for further insights.
