Halifax House Price Index April 2023

UK house prices increased 0.1% YoY in April, according to mortgage lender Halifax.
House prices in the south of England are under the most pressure.
Average UK property now costs £286,896 (up from £287,891 in March).

Annual rate of growth falls to 0.1%

Source: Halifax, IHS Markit

Key Trends

The annual rate of house price growth was 0.1%, which means average property prices are largely unchanged from this time last year.
House prices fell 0.3% on a monthly basis in April, following a 0.8% monthly increase in March.
Four regions of southern England saw house prices fall over the last year, with the South East seeing the largest decrease (0.6%).
All other UK regions saw the annual rate of property price inflation remain positive in April, with the West Midlands seeing the strongest growth (3.1%).

Outlook

Although UK prices fell on a monthly basis, the housing market continues to show signs of stabilising.
A robust labour market and the prospect of inflation easing by the middle of the year are likely to improve buyer confidence. Mortgage rates have also stabilised, although remaining significantly higher than recent averages.
However, living costs remain high for many households, while the impact of interest rate rises is yet to be felt on those households re-mortgaging their current fixed-rate deals.
While more stability is on the horizon, downward pressure on house prices will remain in the near-term.