The Halifax house price index, which was set at 100 in 1992, reached a value of more than 500 over the course of 2022. In December 2023, the index stood at 495.1, which was as slight increase from the same period in 2022. The average house price amounted to about 287,000 British pounds in December 2023.
What drives house prices?
Average house prices are affected by several factors: Economic growth, unemployment, interest rates and mortgage availability can all affect average prices. A shortage of supply means that the need for housing and, therefore competitive market created will push up house prices, whereas an excess of housing means prices fall to stimulate buyers. One of the main reasons for the decrease in house prices in the second half of 2022 was interest rates rising as a response to inflation.
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Lloyds Banking Group. (January 4, 2024). Halifax house price index in the United Kingdom (UK) from December 2018 to December 2023 [Graph]. In Statista. Retrieved August 31, 2024, from https://www.statista.com/statistics/289075/uk-house-market-halifax-house-price-index/?session=06044c26168066041a1ba0674ade5b5d
Lloyds Banking Group. "Halifax house price index in the United Kingdom (UK) from December 2018 to December 2023." Chart. January 4, 2024. Statista. Accessed August 31, 2024. https://www.statista.com/statistics/289075/uk-house-market-halifax-house-price-index/?session=06044c26168066041a1ba0674ade5b5d
Lloyds Banking Group. (2024). Halifax house price index in the United Kingdom (UK) from December 2018 to December 2023. Statista. Statista Inc.. Accessed: August 31, 2024. https://www.statista.com/statistics/289075/uk-house-market-halifax-house-price-index/?session=06044c26168066041a1ba0674ade5b5d
Lloyds Banking Group. "Halifax House Price Index in The United Kingdom (Uk) from December 2018 to December 2023." Statista, Statista Inc., 4 Jan 2024, https://www.statista.com/statistics/289075/uk-house-market-halifax-house-price-index/?session=06044c26168066041a1ba0674ade5b5d
Lloyds Banking Group, Halifax house price index in the United Kingdom (UK) from December 2018 to December 2023 Statista, https://www.statista.com/statistics/289075/uk-house-market-halifax-house-price-index/?session=06044c26168066041a1ba0674ade5b5d (last visited August 31, 2024)
Halifax house price index in the United Kingdom (UK) from December 2018 to December 2023 [Graph], Lloyds Banking Group, January 4, 2024. [Online]. Available: https://www.statista.com/statistics/289075/uk-house-market-halifax-house-price-index/?session=06044c26168066041a1ba0674ade5b5d