UK house prices saw an annual increase of 1.5% in May 2024, compared to the same month in 2023, as detailed in the latest Halifax House Price Index report released on Friday.
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This marks a modest increase from the 1.1% annual growth recorded in April.
The monthly decline sees the average price fall slightly to £288,688
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Despite the year-on-year increase, house prices saw a slight monthly decline of 0.1% in May, bringing the average property price to £288,688.
Compared to the previous quarter, home prices decreased by 0.3%, indicating a relatively stable market.
North West was the best
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The North West emerged as the best performing region, with house prices growing by 3.8% per year, taking the average property price to £232,258.
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Northern Ireland also showed strong growth at 3.2%, although down slightly from 3.3% in April. Scotland and Wales saw increases of 1.9% and 0.7% respectively, with average prices now at £204,952 and £219,483.
Halifax mortgage manager Amanda Bryden noted:
Market activity remained robust during the spring months, supported by strong growth in nominal wages and some signs of improving confidence in the economic outlook. This has been reflected in a substantially stable picture in terms of property price movements, with the average cost of a property having changed little over the last three months.
London prices remain the highest
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London continues to have the highest average property prices in the UK, now at £536,821, marking a marginal increase of 0.2% on last year.
In contrast, the east of England saw the biggest annual decline, with house prices averaging £329,853, down 0.8%.
Overall, the UK property market shows a mixed picture with regional variations.
While some areas such as the North West and Northern Ireland show robust growth, others, particularly the east of England, face decline.
This article was translated from English with the help of AI tools, and subsequently proofread by a local translator.
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