House prices edged up last month, continuing a trend of stability despite wider economic uncertainty. The latest Halifax data shows modest growth, with the strongest gains seen in Northern Ireland, Wales, and Scotland.
House prices in the UK rose slightly in April, with the latest Halifax House Price Index revealing a modest monthly increase of +0.3%, reversing the -0.5% drop seen in March. The average property price now stands at £297,781, up from £296,899 the previous month.
Over the past year, house prices have grown by +3.2%, accelerating from the +2.9% annual increase recorded in March. Despite month-to-month fluctuations, Halifax reports that property prices have remained remarkably stable over the last six months, falling by just £48 in total.
‘We know the stamp duty changes prompted a surge in transactions in the early part of this year as buyers rushed to beat the tax-rise deadline,’ says Amanda Bryden, Head of Mortgages at Halifax. ‘However, this didn’t lead to a significant increase in property prices, with the last six months characterised by a stability in prices rarely seen since the pandemic. While the market has cooled slightly since this rush, buyer activity remains strong in comparison to recent years.’
There are more properties on the market now than a year ago. According to Today’s Conveyancer, there were 50,000 more properties on the market at the start of 2025 compared to 2024.
At the end of April, property website Zoopla reported that the supply of homes for sale was 12% higher than a year ago, and sales agreed were 6% higher than last year.
Mortgage rate reductions
Major lenders have made reductions to their mortgage rates and a mini price-war has broken out as they compete for consumer business.
‘Mortgage rates have continued to fall with most lenders now offering rates below 4%,’ says Bryden. ‘Coupled with positive earnings growth that has outpaced broader inflation, these factors have helped to steadily improve affordability for many buyers.’
Northern Ireland, Wales and Scotland have seen the strongest annual growth in property values, outpacing all English regions. Northern Ireland sees property prices rising +8.1% year-on-year. The average home now costs £208,220. Wales follows with a +4.7% annual increase, bringing the average property value to £229,079. Scotland saw prices climb +4.6% over the year, reaching an average of £214,011.
In England, the North West shows the fastest growth, with a +4.1% annual rise and an average house price of £240,975.
By contrast, London continues to experience more subdued growth at +1.3%, though it remains by far the most expensive housing market in the UK. The average property in the capital now costs £543,346.
The South West recorded the slowest annual growth rate at +0.9%, with average prices at £304,451.
The figures suggest that while overall house price inflation remains modest, regional variations are increasingly evident.
Halifax predicts further base rate cuts and a similar trend of modest price growth this year.