House prices in September 2024 were 4.7% higher than the same month a year earlier, marking the strongest annual growth since November 2022.
The Halifax House Price Index (HPI) for September 2024 was published today – let’s take a brief look at the contents.
According to the index, improving mortgage affordability and continued wage growth have helped to boost buyer confidence. With more rate cuts anticipated, the outlook suggests that prices may continue to grow modestly as we move into the year’s final quarter.
In summary:
- Monthly Change: House prices increased by 0.3% in September, mirroring the rise in August.
- Annual Growth: Year-on-year prices are up by 4.7%, showing strong recovery and the highest growth since late 2022.
- Record Near Highs: The typical property price reached £293,399, almost matching the June 2022 peak.
- First-Time Buyers: While the average price paid by first-time buyers rose by 4.2% over the year, it’s around £1,000 less than two years ago.
- Regional Standouts: Northern Ireland continues to lead the UK in annual price growth, with a 9.7% increase, while the North West recorded the highest growth rate among English regions at 5.1%.
The next Halifax House Price Index is scheduled for release on Thursday 7th Novemeber 2024.
