UK house price latest 2024: what's happening to property values near you

The average UK house price jumped £2,000 in the last year, but there are HUGE regional differences. Here's what's happening to values near you.

Feeling a bit lost with so many house price indices out there? 

The HomeOwners Alliance House Price Watch looks at all the information from the many indices out there to give you one easy-to-digest round-up of everything you need to know.

So, let's look at how prices have changed over the past month and year.

What’s going on with house prices?

When you average out the latest figures reported by all the major indices, monthly house prices edged 0.1% upwards in April (see chart below).

Looking over the longer term, which generally provides a more reliable snapshot of the housing market's relative wellbeing, prices increased by 1.3% over the last 12 months.

It means the average UK home is now valued at around £283,000.

The latest data does suggest the market is now going through a period of stability after a volatile 2023. 

As Halifax notes: “UK house prices held steady in April. Average house prices have largely plateaued in the early part of 2024.

"This reflects a housing market finding its feet in an era of higher interest rates.

"While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability.

Overview of house prices over the last month and year. (Image: HomeOwners Alliance)

What will happen to prices over the next year?

Continuing on the theme of stability, most analysts don't expect to see too much movement over the next 12 months.

In its forecast, Zoopla has estimated prices will be either 1% higher or 1% lower come May 2025.

“The housing market continues to adjust to higher mortgage rates," it explained.

"Sales volumes are rising and house prices are flat. What the market needs most is continued price stability which will create the environment for continued growth in sales.

"Average mortgage rates for a 5-year fix at 75% loan-to-value have fallen back to 4.5% over recent months.

"They have started to drift higher in recent weeks on shifting expectations for interest rate cuts later this year.

"We expect mortgage rates to average 4.5% over 2024 which, in our view, is consistent with +/-1% house price growth.”

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What's happening to house prices near me?

Land Registry has the most comprehensive data regarding housing stock, and it provides a handy regional breakdown of house prices across the UK.

However, its data takes slightly longer to compile so isn't quite as up-to-date as that of the other property indices and certainly doesn't reflect the recent uptick in prices seen on the other property indices.

Nonetheless, it provides an interesting insight into how areas are faring relative to each other. 

The majority of regions reported an increase in prices over the last 12 months, but there were some massive regional variances. 

The Scottish housing market proved the most buoyant by some distance, with prices rising a remarkable 6.7% despite all the market turbulence seen throughout 2023.

At the other end of the scale, London was comfortably the worst-performing market with prices falling 3.4%.

See the table below for a full breakdown of prices by region.

Monthly and annual changes in house prices in the UK. (Image: HomeOwners Alliance)

What the indices say

Homeowners Alliance
Buyer demand stalled this month as mortgage rates edged up as a result of expectations around Bank of England base rate changes, with markets now pricing in a slower pace of cuts.

“However, there are still positive signs that market activity is picking up with new instructions from sellers at their highest level since 2020, agreed sales up 13% year on year and mortgage approvals at their highest in 18 months.

"Homebuyers remain price sensitive, keeping a lid on house price growth.”

Rightmove
“The top-of-the-ladder sector continues to drive pricing activity at the start of the year, typically less sensitive to higher mortgage rates, and more equity rich, contributing to their ability to move.

"While some buyers, across all sectors, will feel that their affordability has improved compared to last year due to wage growth and stable house prices, others will be more impacted by cost-of-living challenges and stickier than expected high mortgage rates.

"Despite these factors, it has been a positive start to the year in comparison to the more muted start to 2023.

"However, agents report that the market remains very price-sensitive, and despite the current optimism, these are not the conditions to support substantial price growth.

"Sellers keen to secure their sale will still need to price realistically for their local market and avoid being overambitious at the start of marketing to give themselves the best chance of finding a buyer.”

Nationwide
“UK house prices fell by 0.4% in April, after taking account of seasonal effects. This resulted in a slowing in the annual rate of house price growth.

"The slowdown likely reflects ongoing affordability pressures, with longer-term interest rates rising in recent months, reversing the steep fall seen around the turn of the year.

"House prices are now around 4% below the all-time highs recorded in the summer of 2022, after taking account of seasonal effects.”

Halifax
“UK house prices held steady in April. Average house prices have largely plateaued in the early part of 2024.

"This reflects a housing market finding its feet in an era of higher interest rates. While borrowing costs remain more expensive than a few years ago, homebuyers are gaining confidence from a period of relative stability.

"Activity and demand is improving, evidenced by greater numbers of mortgage applications so far this year, while at an industry level mortgage approvals have reached their highest point in 18 months.”

Zoopla
“The housing market continues to adjust to higher mortgage rates. Sales volumes are rising and house prices are flat.

"What the market needs most is continued price stability which will create the environment for continued growth in sales.

"Average mortgage rates for a 5-year fix at 75% loan-to-value have fallen back to 4.5% over recent months.

"They have started to drift higher in recent weeks on shifting expectations for interest rate cuts later this year. We expect mortgage rates to average 4.5% over 2024 which, in our view, is consistent with +/-1% house price growth.”

RICS
“The April 2024 RICS UK Residential Survey results show the recent recovery in buyer demand stuttering slightly, with the market seemingly impacted by the slight upward move in mortgage rates over the past few weeks.

"Nevertheless, forward-looking sentiment continues to point to a stronger picture for sales market activity coming through over the next twelve months.”

Happy couple moving (Image: lovemoney - Shutterstock)

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