Halifax House Price Index

Average house price now £236,619

On a monthly basis, house prices rose by 1.1%, versus a fall of 1.3% March
House prices in the three months to April were 5.0% higher than in the same three months a
year earlier
In the latest quarter (February to April) house prices were 4.2% higher than in the preceding
three months (November to January).The average house price is now £236,619

In April 2009 average house prices were £154,663 – the low point following the 2008 financial
crash. Since then we have seen an increase of £81,956, which reflects a 4.3% average annual
increase.

The sharp 5% rise in April’s annual change figure comes against the backdrop of a particularly low growth
rate over the corresponding period in 2018, impacting year-on-year comparisons. This also factors in a
notably high growth figure recorded in February this year, driven by a higher volume of London sales and
more expensive new build properties.

Russell Galley, Managing Director, Halifax, said:

“The average UK house price nowstands at £236,619 following a 1.1% monthly rise in April, as demand and
supply of housing remained subdued for another month.
“The index has seen a weaker pace of growth over the last three years, which is consistent with the easing
of transactions volumes and housing market activity reflected in RICS, Bank of England and HMRC figures.
“Looking further back, this April also marks 10 years since the lowest point of the Halifax house price index
following the financial crash in 2008. Over the past decade annual house price growth has seen the average
price increase by £81,956, or an average rise of 4.3% each year.”

Key facts

Housing activity

Monthly UK home sales remain steady. March saw 101,830home sales, which, as for February, was
very close to the 5 year average of 100,959. When comparing sales in January to March, against October
to December there is a 0.3% rise. March home sales were 2.8% above the previous 12 month average.
(Source: HMRC, seasonally-adjusted figures)
Mortgage approvals fell again from February to March to a level below the 12 month and 5 year
averages. Bank of England industry-wide figures show that the number of mortgages approved to
finance house purchases –a leading indicator of completed house sales -fell 4.6% to 62,341. The March
rate is 3793 below the 5 year average monthly approval rate of 66,134, and is 2852 below the previous
12 month average of 65,193. (Source: Bank of England, seasonally-adjusted figures)
Demand for and supply of housing remains subdued for another month. The RICS UK Residential
Market Survey again showed a subdued result for nearly every measure again. The sales to stock ratio
of 31.4% is now at its lowest rate since September 2013. Price expectations and sales expectations
showed a small improvement, for the second month running, but both expectations remain firmly
negative. (Source: Royal Institution of Chartered Surveyors’ (RICS) monthly report)