The Halifax house price index in the United Kingdom rose 9.8 percent from a year earlier in December 2021, the largest increase since July 2007, helped by a lack of available homes for sale and historically low mortgage rates. The average price for a property hit £276,091, an increase of more than £24,500 compared to December 2020, marking the strongest year-on-year cash rise since March 2003. In 2021 the average house price reached new record highs on eight occasions, amid reports of lack of spending opportunities afforded to people and as household cash reserves were boosted by coronavirus restrictions that were in place. Also, the Stamp Duty holiday and the race for space as a result of homeworking supported demand for housing. Looking ahead, house price growth should slow considerably amid the prospect of higher interest rates. source: Halifax and Bank of Scotland
House Price Index YoY in the United Kingdom averaged 6.45 percent from 1984 until 2021, 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 January of 2022.
House Price Index YoY in the United Kingdom is expected to be 9.50 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 3.40 percent in 2023 and 2.70 percent in 2024, according to our econometric models.