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House prices ended 2024 with annual growth of 3.3%

House prices ended 2024 with annual growth of 3.3%
Christina Hoghton
Written By:
Posted:
08/01/2025
Updated:
08/01/2025

That’s according to Halifax, which added that annually, property prices were up +3.3% in the last year.

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.

“Impending changes to Stamp Duty thresholds have also given prospective first-time buyers even greater motivation to get on the housing ladder and bring any home-buying plans forward. Together, these elements meant mortgage demand picked up, hitting the highest level in over two years and back to levels seen pre-pandemic.”

Regional variance

House price growth differs significantly across the country, said Halifax.

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Northern Ireland had the strongest property price growth of any nation or region in the UK, rising by +7.4% on an annual basis in December to £205,895.

House prices in Wales rose by +4.6% annually, with properties now costing an average of £226,646.

Scotland saw a lower rise in house prices compared to the rest of the UK, with properties in the country now £209,959, +2.4% more than the year before.

In England, house prices in the North West were up +5.3% compared to the previous year, with properties now costing an average £238,832 – the strongest growth of any English region.

London unsurprisingly has the highest average house price in the UK, at £547,614, up +3.3% over the year.

Bryden added: “In many areas across the country, house prices were also buoyed by demand outstripping supply, possibly further amplified by homeowners holding off putting their property on the market – perhaps in anticipation of mortgage rates reducing further.”

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