Simple chart reveals how UK house prices changed in 2024 according to Halifax – and 2025 outlook
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A SIMPLE chart has revealed how much house prices changed in 2024, according to Halifax. The nation's biggest mortgage lender said that UK house prices ended 2024 with a 3.3% annual increase. The average house price has now risen to £297,166, compared to £287,535 at this time last year.
This positive yearly growth follows a slight dip of 0.2% in December, breaking a streak of five consecutive monthly increases. The housing market saw steady performance in the early part of 2024, with growth picking up pace from the summer onwards. This acceleration was driven by falling mortgage rates, rising incomes, and upcoming changes to stamp duty thresholds, which encouraged first-time buyers.
Mortgage demand surged to its highest level in over two years, reaching pre-pandemic levels. Amanda Bryden, head of mortgages at Halifax, said: "Prices fell back slightly in December, by 0.2%, following five consecutive monthly increases. "The housing market was broadly steady at the start of 2024, with house price growth taking off from the summer onwards.
"In the latter half of the year, house prices grew in response to the falls in mortgage rates, alongside income growth, both leading to financial pressures somewhat easing for buyers.". Strong demand often outstripped the available supply, further boosting prices in many areas.
