Steady House Price Increases in April

The latest Halifax property index has revealed that UK house prices were steady in April 2024.

• Annual property prices climbed just 1.1% pa.
• Monthly property prices rose 0.1% pa. 
• The average property price in April was £288,949 meaning the average house rose in value by just £288 in April.

Property in London remains weakest with the lowest annual rises (understandable given prices are much higher). 

Northern Ireland and the North-West of England where strongest with 3.4% pa and 3.3% pa rises respectively.

Comment

Whilst there is monthly volatility due to seasonal demand as well as pay rises, overall property prices are stable as we all get used to higher mortgage rates which we forecast look set to remain until the Autumn.

With no government first time buyer incentives and no stamp duty holidays, higher rates are stabilising the market but with lower numbers of first time buyers at the lower end, the knocks up the ladder with less people able to sell to move higher up the ladder.