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

The average house price has jumped more than £8,000 in the last 12 months. See 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 0.2% upwards in July (see chart below).

Looking over the longer term, which generally provides a more reliable snapshot of the housing market's performance, prices increased by 3% over the last 12 months.

With the typical UK home now valued at around £290,000, that means prices have jumped more than £8,000 in the last year.

While there are huge variations regionally (see the next section for more), the latest data does suggest values are on a steady upward trend and that the volatility seen in the last couple of years is now a distant memory.

As Halifax noted in its latest analysis: "Recent price rises build on a largely positive Summer for the UK housing market.

"Prospective homebuyers are feeling more confident thanks to easing interest rates.

"That optimism is reflected in the latest mortgage approval figures, now at their highest level in almost two years.

"With market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.” 

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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.

This data takes slightly longer to compile so isn't quite as up-to-date as that of the other property indices – its latest prices cover up to July 2024 – but it nonetheless provides an interesting insight into how areas are faring relative to each other. 

In the 12 months up to that point, prices increased in all but one region.

The Northern Irish housing market proved the most buoyant by some distance, with prices rising a remarkable 6.4% despite all the market turbulence seen throughout 2023.

At the other end of the scale, London was the sole area where price fell– by 0.4%.

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

What the indices say

HomeOwners Alliance

“House prices increased again this month and agreed sales are reported to be up almost 25% year-on-year.

“Buyer demand increased sharply in August coinciding with the first Base Rate cut in four years.

“There continues to be a steady supply of new homes for sale and buyers remain price sensitive with affordability pressures still present which should help to keep house price inflation in check.”

Rightmove

“Average new seller asking prices see a seasonal drop of 1.5% this month.

“August has seen a monthly decline in prices from July for the last 18 years, with this month’s fall in line with the long-term average.

“The first Bank of England rate cut for four years has led to an immediate upturn in buyer activity.

“The number of potential buyers contacting estate agents about homes for sale has jumped from 11% to 19% since 1 August compared to the same time a year ago.

“Rightmove raises its 2024 forecast from -1% to +1% due to positive market data and trends compared to the much more subdued 2023.

“The number of sales being agreed is now 16% ahead of the near-peak-mortgage-rate period of a year ago.

“The number of new sellers coming to market is 5% ahead of last year as confidence to move grows.”

Nationwide

“While house price growth and activity remain subdued by historic standards, they nevertheless present a picture of resilience in the context of the higher interest rate environment and where house prices remain high relative to average earnings (which makes raising a deposit more challenging).

“Providing the economy continues to recover steadily, as we expect, housing market activity is likely to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth.”

Halifax

“Recent price rises build on a largely positive summer for the UK housing market. Prospective homebuyers are feeling more confident thanks to easing interest rates.

“That optimism is reflected in the latest mortgage approval figures, now at their highest level in almost two years.

“With market activity picking up and the possibility of further interest rate reductions to come, we expect house prices to continue their modest growth through the remainder of this year.”

Zoopla

“All key measures of sales market activity are higher than 2023 supported by economic growth and rising consumer confidence.

“The long-awaited cut in the base rate in August was welcome news for the wider economy and consumer sentiment, but it has had no material impact on levels of buyer demand compared to the underlying trend over recent weeks.

“Buyers remain price-sensitive as their purchasing power has been eroded by higher mortgage rates. This is slowly being offset by faster income growth but there is further to go to fully repair affordability.

“We find that 1 in 5 homes listed for sale in August has had an asking price reduction of 5% or more to attract more buyer interest.

“This is above average but lower than the 23% high recorded last autumn.”

RICS

“The August 2024 RICS Residential Survey results show an improvement in sales market activity over the month, supported by the recent (modest) softening in mortgage interest rates.

“Moreover, respondents foresee the market gradually gaining further impetus moving forward, even if the near-term outlook for monetary policy remains relatively tight compared with much of the post-global financial crisis era.