United Kingdom House Price Index YoY

The Halifax House Price Index in the UK increased 3.9% year-on-year in October 2024, following a downwardly revised 4.6% rise in September and below forecasts of 4.2%. Compared to September, house prices edged up 0.2%, a fourth consecutive increase, following a 0.3% gain in each of the previous two months. The average property price was £293,999, surpassing previous peak of £293,507 in June 2022, compared to £293,305 in September and £283,053 a year earlier. “Looking ahead, borrowing constraints remain a challenge for many buyers. Following the budget, markets expect the Bank of England to cut rates more slowly than previously anticipated, which could keep mortgage costs higher for longer. New policies like higher stamp duty for second home buyers and a return to previous thresholds for first-time buyers might also affect demand. While we expect house prices to keep growing, it will likely be at a modest pace for the rest of this year and into next”, Amanda Bryden, Halifax, said.