The Halifax house price index fell by 2.4% year-on-year in July 2023, after a 2.6% drop in June which was the steepest decline since June 2011. The latest result pointed to the third straight month of yearly fall in house prices, amid continued affordability squeeze because of sticky inflation and elevated interest rates. A typical UK home now costs £285,044 (vs peak of £293,992 last August). House prices are expected to continue falling into next year, not likely to fully reverse the house price growth recorded over recent years. “Prospects for the UK housing market remain closely linked to the performance of the wider economy," said Kim Kinnaird, director of Halifax Mortgages, adding that an uptick in unemployment is unlikely to trigger a sharp deterioration in conditions. The South East remains the area where house prices are facing the most downward pressure. Compared to the prior month, house prices dropped 0.3%, the fourth straight month of decline, after a 0.1% in June. source: Halifax and Bank of Scotland
House Price Index YoY in the United Kingdom averaged 6.43 percent from 1984 until 2023, reaching an all time high of 34.50 percent in October of 1988 and a record low of -16.80 percent in February of 2009. This page includes a chart with historical data for the United Kingdom House Price Index YoY. United Kingdom House Price Index YoY - data, historical chart, forecasts and calendar of releases - was last updated on August of 2023.
House Price Index YoY in the United Kingdom is expected to be -2.90 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the United Kingdom House Price Index YoY is projected to trend around 1.20 percent in 2024 and 1.80 percent in 2025, according to our econometric models.