The Halifax house price index, which was set at 100 in 1992, reached a value of more than 500 over the course of 2022. In December 2023, the index stood at 495.1, which was as slight increase from the same period in 2022. The average house price amounted to about 287,000 British pounds in December 2023. What drives house prices? Average house prices are affected by several factors: Economic growth, unemployment, interest rates and mortgage availability can all affect average prices. A shortage of supply means that the need for housing and, therefore competitive market created will push up house prices, whereas an excess of housing means prices fall to stimulate buyers. One of the main reasons for the decrease in house prices in the second half of 2022 was interest rates rising as a response to inflation. How many house sales occur per year? In the United Kingdom (UK), there are approximately one million residential property transactions annually. On a country level, England constitutes the majority of transactions made.

The house price index (HPI) shows changes in the value of residential properties in England, Scotland, Wales, and Northern Ireland. With the HPI set at a base of 100 in January 2015, a value of over 100 would mark an increase in the average dwelling price. A value of under 100 points, on the other hand, would indicate that the average price has dropped. House price index in the UK The HPI fluctuated in 2023, after peaking in November 2022. In December 2023, the index stood at 149 index points, which was a slight decline from December 2022. This trend in the index, and therefore the value of UK residential properties, has also been observed by the Halifax house price index. Average house prices Average house prices are affected by several factors. Economic growth, unemployment, interest rates and mortgage availability can all drive them up or down. A shortage of supply means that the need for housing and the competitive market created will push house prices up. An excess of housing, on the other hand, means prices fall to stimulate buyers.

After declining slightly in the third quarter of 2023, the value of the Halifax standardized house price increased in the fourth quarter of the year. The average house price stood at approximately 287,000 British pounds in December, up from approximately 279,000 British pounds in September 2023. The correction is a result of the combination of the rising interest rates, dramatic house price increase since the beginning of the coronavirus pandemic, and the low housing inventory.

One of several indicators for house prices published on a quarterly basis. The data are mix-adjusted and (unlike in the case of data from Halifax or Nationwide) are based on completed transactions. For the latest ONS release, see here.

This statistic shows the average price of new flats and maisonettes in the United Kingdom (UK) from the first quarter of 2011 to the fourth quarter of 2015, according to the Halifax house price index. In the quarter ending June 2015, the average price of a new flat or maisonette amounted to 330.8 thousand British pounds (GBP).

House Price Index: All Buyers: sa data was reported at 726.900 1983=100 in Nov 2018. This records a decrease from the previous number of 736.900 1983=100 for Oct 2018. House Price Index: All Buyers: sa data is updated monthly, averaging 278.600 1983=100 from Jan 1983 (Median) to Nov 2018, with 431 observations. The data reached an all-time high of 743.700 1983=100 in Jul 2018 and a record low of 96.100 1983=100 in Jan 1983. House Price Index: All Buyers: sa data remains active status in CEIC and is reported by Halifax and Bank of Scotland Plc. The data is categorized under Global Database’s United Kingdom – Table UK.EB006: House Price Index: HBOS Plc.

This statistic shows the average house price of a terraced house built between 1919 and 1945 in the United Kingdom (UK) from the first quarter of 2011 to the fourth quarter of 2015. In the quarter ending June 2015, the average price was 224,567 British pounds (GBP).

For the past decade, buying a home in the UK has been more affordable than renting one, when only considering the monthly costs. The renting versus buying gap fluctuated during the period and in 2016, it reached its highest value of 131 British pounds. In 2023, the monthly costs for a first-time buyer were 1,231 British pounds, compared to 1,258 British pounds for renters. Rental growth vs house price growth Housing costs in the UK have been on an uprise, with both renting and buying a home increasingly unreachable. Though the monthly costs of buying have consistently been lower in the past decade, house price growth has been much stronger than rental growth since the beginning of the pandemic. Additionally, buyers have been affected by the aggressive mortgage rate hikes, making acquiring their first home even less affordable. Barriers to homeownership Buying a home is not straightforward. For younger (18-40) potential first-time buyers, there are a number of barriers. Approximately one in three first-time buyers point out that raising a deposit was the main obstacle. Other reasons stopping buyers were not being able to take out a mortgage on their current income and poor credit ratings. Unsurprisingly, the highest share of people who buy a home with a mortgage was in the age group of 45 to 55-year-olds.

This statistic shows the average price of bungalows in the United Kingdom (UK) from the first quarter of 2011 to the fourth quarter of 2015, according to the Halifax house price index. The average price for a bungalow amounted to nearly 233.4 thousand British pounds (GBP) in the quarter ending June 2015.

This statistic shows the average price of residential properties built between 1946 and 1960 in Greater London (United Kingdom) from the first quarter of 2012 to the fourth quarter of 2015, according to the Halifax house price index. Throughout that period, the prices noted a stable growth. In the fourth quarter of 2014, the average price of a residential property built in that period in Greater London reached nearly 313 thousand British pounds (GBP). By the end of the fourth quarter of 2015, the prices of such properties amounted to 364.1 thousand GBP.

This statistic shows the average house prices in rural and urban areas in the United Kingdom (UK) from September 2012 to August 2013. In the 12 months to August 2013, a rural house in Great Britain cost on average 206,423 British pounds (GBP) in comparison with an urban house that cost 182,710 GBP during the same period.

The 10 largest mortgage lenders in the United Kingdom accounted for approximately 81 percent of the total market, with the top three alone accounting for 41 percent in 2023. Lloyds Banking Group had the largest market share of gross mortgage lending, with nearly 36.8 billion British pounds in lending in 2023. HSBC, which is the largest UK bank by total assets, ranked fourth. Development of the mortgage market In 2023, the value of outstanding in mortgage lending to individuals amounted to 1.6 trillion British pounds. Although this figure has continuously increased in the past, the UK mortgage market declined dramatically in 2023, registering the lowest value of mortgage lending since 2015. In 2020, the COVID-19 pandemic caused the market to contract for the first time since 2012. The next two years saw mortgage lending soar due to pent-up demand, but as interest rates soared, the housing market cooled, leading to a decrease in new loans of about 100 billion British pounds. The end of low interest rates In 2021, mortgage rates saw some of their lowest levels since recording began by the Bank of England. For a long time, this was particularly good news for first-time homebuyers and those remortgaging their property. Nevertheless, due to the rising inflation, mortgage rates started to rise in the second half of the year, resulting in the 10-year rate doubling in 2022.

This statistic shows the average price of previously owned residential properties built after 1960 in the United Kingdom (UK) from the first quarter of 2011 the to fourth quarter of 2014, according to the Halifax house price index. In the second quarter of 2015, the average price of real estate property from that period was around 223.6 thousand British pounds (GBP). This statistic includes the following residential property types: terraced, semi-detached, detached, bungalows, and flats and maisonettes.

This statistic shows the average price of residential properties built between 1919 and 1945 in the United Kingdom (UK) from the first quarter of 2011 to the fourth quarter of 2015, according to the Halifax house price index.The average price of residential property from that period for the second quarter of 2015 was 258 thousand British pounds (GBP).

This statistic shows the average price of a semi-detached house built between 1946 and 1960 in the United Kingdom (UK) from the first quarter of 2011 to the fourth quarter of 2015, according to the Halifax house price index. In the quarter ending June 2015, the price reached the level of 186.4 thousand British pounds.

This statistic shows the average price of flats and maisonettes built between 1946 and 1960 in the United Kingdom (UK) from the first quarter of 2011 to the fourth quarter of 2015, according to the Halifax house price index. The average price of flats and maisonettes from this period amounted to 204 thousand British pounds (GBP) in the quarter ending June 2015.

This statistic shows the average price of terraced houses built between 1946 and 1960 in Greater London (United Kingdom) from the first quarter of 2011 to the fourth quarter of 2015, according to the Halifax house price index. In the second quarter ending of 2014, the average price of a terraced house from that period in Greater London was 277 thousand British pounds (GBP). By 2015, this price has increased and reached the level of around 354 thousand British pounds in the fourth quarter of 2015.