UK house prices dipped by 0.2% in December, marking the end of five consecutive months of increases. Despite the slight decline, property prices saw a 3.3% rise throughout 2024.
UK house prices decreased by 0.2% in December following five consecutive months of increases, according to an index by a major bank. Over the course of 2024, property prices climbed by 3.3%, pushing the average UK house price to £297,166, as reported by British bank Halifax. Amanda Bryden, head of mortgages at Halifax, stated: “Prices retreated slightly in December, by 0.2%, following five consecutive monthly gains.
“The housing market remained generally stable at the beginning of 2024, with house price growth accelerating from the summer onwards. In the latter half of the year, house prices rose in response to the decline in mortgage rates, coupled with income growth, both contributing to some easing of financial pressures for buyers.” She explained that alterations to stamp duty, implemented in England and Northern Ireland, from April 2025, which will reduce the “nil rate” band for first-time buyers from £425,000 to £300,000, have spurred prospective first-time buyers to enter the housing market and expedite any home-buying plans. Ms Bryden noted that looking toward 2025, “mortgage affordability will continue to pose a challenge for many, particularly as the (Bank of England base rate) is projected to decrease at a slower pace than previously anticipated. “However, assuming employment conditions don’t significantly worsen from a recent softening, buyer demand should hold up reasonably well and, considering all these factors, we anticipate modest house price growth this year.” Nathan Emerson, CEO of property professionals’ organization Propertymark, commented: “As individuals start to feel more secure in their financial standing, and with an anticipated surge as many people across England and Northern Ireland prepare for stamp duty increases from April, we expect to witness a positive and confident start to the year
HOUSE PRICES UK ECONOMY MORTGAGE RATES STAMP DUTY PROPERTY MARKET
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