The Halifax house price index, which was set at 100 in 1983 had grown to 770 index points as of May 2019. House price index's (HPI) are a measurement used to evaluate changes in prices over a period of time. The Halifax HPI uses a hedonic regression methodology to calculate it’s HPI. As of May 2019, the Halifax standardized house price had grown by 0.5 percent from the previous month. As compared to the national average, the HPI in London has fallen between July 2018 and March 2019.

Average House Prices

Average house prices are affected by several factors. Economic growth, unemployment, interest rates and mortgage availability can all affect average prices. A shortage of supply means that the need for housing and, therefore competitive market created will push up house prices, whereas an excess of housing means prices fall to stimulate buyers.

Housing transactions

In the United Kingdom (UK), on average there were approximately one million residential property transactions annually between 2006 and 2018. On a country level, England makes up the majority of transactions made.