Halifax’s housing market report for 2024 has revealed that property prices rose by 4.8% in the year, which, according to Halifax’s head of mortgages Amanda Bryden, “once again defied expectations”.
The average house price reached a record £298,083, driven by easing financial pressures and robust wage growth.
Transaction volumes also rebounded to pre-pandemic levels after being subdued at the start of the year, said Halifax
The market remained largely flat until the summer, with most of that growth concentrated in the second half of the year," noted Bryden.
Mortgage rates, which dropped up to 160 basis points below their 2022-2023 peaks, helped to boost buyer confidence throughout the year.
Loan demand climbed to its highest level in two years, further supporting price growth.
In the year ahead, Halifax forecasts modest house price growth of up to 3%, alongside a small increase in transaction volumes.