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Halifax House Price Index January 2024

  • UK house prices increased 2.5% YoY in January, according to mortgage lender Halifax, the highest annual growth since January 2023
  • House prices in the south east of England are under the most pressure.
  • Average UK property now costs £291,029, up over £3,700 on the previous month.

Annual rate of growth stood at +2.5%

Source: Halifax, IHS Markit

Key Trends

  • The average UK house price in January was £291,029, a monthly increase of 1.3% compared with December 2023, marking the fourth consecutive month of rising house prices.
  • The annual growth rate now stands at +2.5%, the highest since January of the previous year.
  • Northern Ireland witnessed the strongest annual growth across all UK nations or regions, with house prices increasing by +5.3%, reaching an average of £195,760—an increase of £9,761 compared to January 2023. Scotland and Wales also experienced robust growth.
  • On the other hand, prices in the South East dropped by 2.3% YoY. Prices in London fell by 0.4% on the annual basis, but the capital retains the highest average house price in the country at £529,528.


  • Recent reductions in mortgage rates, coupled with heightened competition among lenders, easing inflationary pressures and a resilient labour market, have pushed up confidence among both buyers and sellers, contributing to an optimistic start to 2024 in the housing market. 
  • However, Interest rates remain elevated compared to historic lows, and demand continues to outpace supply, with first-time homebuyers facing an average deposit of £53,414, approximately 19% of the purchase price. 
  • Affordability challenges are expected to persist, and further modest declines in house prices should not be discounted amid broader economic uncertainty.

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