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.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

United Kingdom House Price Index YoY



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-07-07 06:00 AM Jun -2.6% -1.1% -1.7%
2023-08-07 06:00 AM Jul -2.4% -2.6% -3.1%
2023-09-07 06:00 AM Aug -2.4%


Related Last Previous Unit Reference
Housing Index 491.53 493.19 points Jul 2023
Average House Prices 285043.91 286010.79 GBP Jul 2023
House Price Index MoM -0.30 -0.10 percent Jul 2023

United Kingdom House Price Index YoY
The Halifax House Price Index is the UK's longest running monthly house price series with data covering the whole country going back to January 1983. From this data, a "standardized" house price is calculated and property price movements on a like -for-like basis (including seasonal adjustments) are analyzed over time.
Actual Previous Highest Lowest Dates Unit Frequency
-2.40 -2.60 34.50 -16.80 1984 - 2023 percent Monthly
SA

News Stream
UK House Prices Fall for 3rd Month
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.
2023-08-07
UK House Prices Fall Most in 12 Years
The Halifax house price index fell by 2.6% year-on-year in June 2023, the largest decrease since June 2011, as the squeeze on household finances caused by sticky inflation and ongoing policy tightening continued to exert downward pressure on housing demand. The rate of decline also reflected the impact of historically high house prices last summer, which were supported by the temporary Stamp Duty cut. Existing property prices declined by 3.5%, the most since August 2009, while new-build house prices rose by only 1.9%, the least in over three years. The South of England remains the area most affected by downward pressure on house prices, with a 3% decrease, the largest since July 2011. In London, prices fell by 2.6%, the most since October 2009.
2023-07-07
UK House Prices Fall for 1st Time since 2012: Halifax
The Halifax house price index in the UK fell 1% year-on-year in May 2023, the first decline since December 2012 and in line with market expectations. Compared to the previous month, house prices were flat. The brief upturn seen in the housing market in the first quarter of this year has faded, with the impact of higher interest rates gradually feeding through to household budgets. The sharpest drop is for prices of flats (-1.9%), followed by terraced (-1.0%) and semi-detached houses (-0.5%) while prices of detached houses rose 0.4%. Cost for existing houses continued to fall in value (-1.9%), whereas prices for new build properties are still rising (+2.8%), although at the weakest rate for nearly three years. Typical UK property now costs £286,532, compared to £286,662 in April.
2023-06-07