Northern Ireland was the strongest performing nation or region in the UK, boasting growth of 4.3% year-on-year.
When it comes to England, the North-South divide persists in the property market, with Scotland and North England out-performing the South. North West had the highest annual growth in England, sitting at 3.7% and making the average price £232,315.
Eastern England had the biggest fall in house prices. A drop of 0.9%, or £2878, over the last year means that the average property price now stands at £330,627.
Unsurprisingly, London still has the highest average house price in the UK, at an eye-watering £539,917 after a yearly increase of 0.4%.
Kim Kinnaird, Director at Halifax Mortgages, said: “That a monthly fall should occur following five consecutive months of growth is not entirely unexpected, particularly in view of the reset the market has been going through since interest rates began to rise sharply in 2022. Despite this, house prices have shown surprising resilience in the face of significantly higher borrowing costs.
“The broader picture is that house prices are up year-on-year, reflecting the opposing forces of an easing cost of living squeeze – now that pay growth is outpacing general inflation – and relatively high-interest rates. Taking a slightly longer-term view, prices haven’t changed much over the past couple of years, moving in a narrow range since the spring of 2022, and are still almost £50,000 above pre-pandemic levels.”
Further Reading: Learn how to start investing £100000 in property or how to find buy-to-let student accommodation.
