--- title: "Halifax House Price Index: UK Property Prices Are Increasing" description: Discover the latest insights from Halifax House Price Index, showing UK property prices on the rise in 2024. Insights on market trends, affordability, and buyer behavior. image: https://blog.magnateassets.com/hubfs/Halifax%20House%20Price%20Index%20UK%20Property%20Prices%20Are%20Increasing.jpg --- [![logo](https://blog.magnateassets.com/hs-fs/hubfs/logo.png?width=216&height=50&name=logo.png "logo")](https://magnateassets.com/) × - [Properties](https://www.magnateassets.com/en/searchresult) - [Off-Plan](https://www.magnateassets.com/en/searchresult?proType=Off-Plan) - [Completed](https://www.magnateassets.com/en/searchresult?proType=Completed) - [High Yield Investing](https://www.magnateassets.com/en/high-yield-investing) - [HMO (Houses in Multiple Occupation)](https://www.magnateassets.com/en/property-hmo) - [Student Accommodations](https://www.magnateassets.com/en/property-student-accommodations) - [Property Sourcing](https://www.magnateassets.com/en/property-sourcing) - [Property Concierge](https://www.magnateassets.com/en/property-concierge) - [Land Options](https://www.magnateassets.com/en/searchresult?proFor=Local&proType=Land%20Options&country=UK) - [Property Bonds (Promissory Notes)](https://www.magnateassets.com/en/property-bonds) - [Buildings](https://www.magnateassets.com/en/searchresult?proType=Buildings) - [Build-to-Rent Projects](https://www.magnateassets.com/en/build-to-rent-projects) - [Equity Investments](https://www.magnateassets.com/en/equity-investments) - [Funding Partnerships](https://www.magnateassets.com/en/funding-partnerships) - [Locations](https://magnateassets.com/en/location) - Resources - [Blog](https://blog.magnateassets.com) - [Podcast/Webinars](https://www.magnateassets.com/en/video-gallery) - [Guides](https://info.magnateassets.com/guides) - Finance, Tax & Legal - [Mortgage Calculator](https://magnateassets.com/en/mortgage-calculator) - [Mortgages & Finance](https://www.magnateassets.com/en/mortgages-and-finance) - [Property Transfer & Legal](https://www.magnateassets.com/en/property-transfer-and-legal) - [Tax Planning and Set up](https://www.magnateassets.com/en/tax-planning-and-set-up) - [UK Immigration Information](https://www.magnateassets.com/en/uk-immigration-information) - [Managing Your Properties](https://www.magnateassets.com/en/managing-your-properties) - [Furniture Packs](https://www.magnateassets.com/en/furniture-packs) - About Us - [Meet the Team](https://www.magnateassets.com/en/meet-the-team) - [Contact Us](https://magnateassets.com/en/contact-us) - [UK Property Investment](https://www.magnateassets.com/en/for-uk-property-investment) - [Developer Partnerships](https://www.magnateassets.com/en/developer-partnerships) # Halifax House Price Index: UK Property Prices Are Increasing Published by Keith Egan on May 20, 2024 In a testament to the resilience of the UK property market, the latest Halifax House Price Index (HPI) reveals that house prices in April 2024 were 1.1% higher than the same month a year earlier. The average house price now stands at £288,949, a slight increase from £288,430 recorded a month earlier. Quarterly change remains steady at 0.8%, with a modest 0.1% uptick in prices on a month-on-month basis. Amanda Bryden, Head of Mortgages at Halifax, commented on the findings, stating, "UK house prices held steady in April, with a marginal monthly increase of just +0.1%. Annual growth rose to +1.1%, a result influenced by the base effect of weaker price growth around this time last year." She further elaborated, "While there is often intense scrutiny of monthly price fluctuations, it's important to recognise that average house prices have largely stabilised in the early months of 2024. This signals a housing market finding its footing amidst higher interest rates. Despite borrowing costs being higher than in previous years, homebuyers are gaining confidence from a period of relative stability." Bryden highlighted positive indicators of market activity, noting, "Activity and demand are on the rise, with greater numbers of mortgage applications observed so far this year. Industry-wide, mortgage approvals have reached their highest point in 18 months." Discussing shifting buyer behaviour, Bryden mentioned, "Our recent research indicates that buyers, especially first-time buyers, are adjusting their expectations in response to higher borrowing costs. This is reflected in a trend of targeting smaller properties. Flats, in particular, have seen a notable increase in value, narrowing the 'growth gap' with larger properties that has persisted for the past four years." Addressing affordability challenges, Bryden acknowledged, "Affordability constraints remain a significant hurdle for new buyers and those coming off fixed-term deals. Mortgage rates have seen slight increases in recent weeks, primarily driven by expectations around future Bank of England base rate changes." Looking ahead, Bryden expressed optimism, stating, "If, as anticipated, downward moves in Bank Rate materialise later this year, fixed mortgage rates are expected to decline. Coupled with the market's resilience in recent months, we anticipate modest property price growth throughout 2024." The latest Halifax HPI offers a glimpse into the evolving dynamics of the UK property market, highlighting its adaptability and continued appeal to investors and homebuyers alike. Topics: [Insider](https://blog.magnateassets.com/tag/insider), [UK Property](https://blog.magnateassets.com/tag/uk-property), [Off-Plan Property](https://blog.magnateassets.com/tag/off-plan-property), [Real Estate Market](https://blog.magnateassets.com/tag/real-estate-market), [Market Trends](https://blog.magnateassets.com/tag/market-trends), [Rents](https://blog.magnateassets.com/tag/rents), [Mortgage](https://blog.magnateassets.com/tag/mortgage), [Investment Strategies](https://blog.magnateassets.com/tag/investment-strategies), [Overseas Investors](https://blog.magnateassets.com/tag/overseas-investors) ![Keith Egan](https://blog.magnateassets.com/hubfs/image.png) Written by [Connect on LinkedIn ↗](https://www.linkedin.com/in/keith-egan-a4585613a/) [Keith Egan](https://blog.magnateassets.com/author/keith-egan) Keith Egan has spent 30+ years in senior real estate roles across the UK, Dubai and the MENA region. As Director and Co-Founder of Magnate Group, he leads Magnate Assets focused on UK residential investment, lead generation and digital marketing and the Magnate Investments Division, Magnate's development finance and structured investment arm. Keith specialises in connecting landowners, developers and investors with regulated, technology-driven funding structures and fractional ownership solutions, bridging institutional-grade UK real estate with a wider pool of domestic and international capital. - #### Share: - [![](https://f.hubspotusercontent10.net/hubfs/445465/icon/facebook.svg)](http://www.facebook.com/share.php?u=https://blog.magnateassets.com/halifax-house-price-index-uk-property-prices-are-increasing) - [![](https://f.hubspotusercontent10.net/hubfs/445465/icon/twitter-sign.svg)](https://twitter.com/share?text=Halifax%20House%20Price%20Index:%20UK%20Property%20Prices%20Are%20Increasing&url=https://blog.magnateassets.com/halifax-house-price-index-uk-property-prices-are-increasing&hashtags=weareawesome&via=bluleadz) - [![](https://f.hubspotusercontent10.net/hubfs/445465/icon/linkedin.svg)](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.magnateassets.com/halifax-house-price-index-uk-property-prices-are-increasing) [Back to Blog](https://blog.magnateassets.com) ### Popular Blogs \[Insider, UK Property, Off-Plan Property, Real Estate Market, Market Trends, Rents, Mortgage, Investment Strategies, Overseas Investors\] - 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