House prices in the United Kingdom saw an annual increase of 1.5% in May 2024, compared to the same month in 2023, as detailed in Halifax’s latest House Price Index report released on Friday.

Monthly decline sees average price dip slightly to £288,688

Despite the annual increase, house prices experienced a slight monthly decline of 0.1% in May, bringing the average property price to £288,688.

Compared to the previous quarter, house prices fell by 0.3%, indicating a relatively stable market.

North West was the top performer

The North West emerged as the strongest performing region, with house prices growing by 3.8% annually, bringing the average property price to £232,258.

Northern Ireland also showed strong growth at 3.2%, albeit slightly down from April’s 3.3%. Scotland and Wales saw increases of 1.9% and 0.7%, respectively, with average prices now at £204,952 and £219,483.

Halifax’s Head of Mortgages Amanda Bryden noted:

Market activity remained resilient throughout the spring months, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook. This has been reflected in a broadly stable picture in terms of property price movements, with the average cost of a property little changed over the last three months.

London prices remain the highest

London continues to have the highest average property prices in the UK, now at £536,821, marking a marginal 0.2% increase from last year.

In contrast, Eastern England recorded the largest annual decline, with house prices averaging £329,853, down 0.8%.

Overall, the UK’s housing market displays a mixed picture with regional variations.

While some areas like the North West and Northern Ireland show robust growth, others, particularly Eastern England, face declines.

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