British house prices dropped unexpectedly last month for the first time since March although they finished the year higher than in December 2023, figures from mortgage lender Halifax showed on Tuesday.

UK house prices slipped back for the first time in nine months even as the property market enjoyed its best year since the pandemic, according to one of the country’s largest mortgage lenders.

On an annual basis, property prices increased by 3.3% typically, taking the average UK house price to £297,166, Halifax said

It means house prices finished last year 3.3 per cent up, with the typical home worth £297,166. In total, house prices rose by just under £10,000 in 2024. Amanda Bryden, head of mortgages at Halifax, said: 'The housing market was broadly steady at the start of 2024, with house price growth taking off from the summer onwards.