UK house prices up by 1.5% in May: Halifax report

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.

This marks a modest rise from the 1.1% annual growth reported in April.

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:

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.