Latest UK house price data shows Yorkshire in the black plus a forecast for 2024

The latest data confirms that the North East is the most affordabe place to buy a home in the UK with average a house price of £168,274 followed by Yorkshire with an average house price of £204,904 and Scotland with £205,170.

Kim Kinnaird, Director of Halifax Mortgages, said:“In December, the cost of an average UK home rose for the third month in a row to £287,105, up 1.1 per cent or

£3,066, compared to November, reaching the highest level since March 2023.

“The housing market beat expectations in 2023 and grew by 1.7 per cent on an annual basis. The average property price is now £4,800 higher than it was in December 2022. Whilst it’s encouraging that we saw growth in the last three months of the year and this was preceded with property price falls for six consecutive months between April and September.

"The growth we have seen is likely being driven by a shortage of properties on the market rather than the strength of buyer demand. That said, with mortgage rates continuing to ease, we may see an increase in confidence from buyers over the coming months."

She adds: “As we move through 2024, the UK property market will continue to reflect the wider economic uncertainty and buyers and sellers are likely to be naturally cautious when considering making a move. While wage growth is now above inflation, helping to ease cost of living pressures for some and improving housing affordability,interest rates are likely to remain elevated for as long as inflation remains markedly above the Bank of England’s target. Our latest forecast suggests house prices could fall between two and four per cent during the coming year, although, as with recent years, forecast uncertainty remains high given the current economic climate.”