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

House prices are up 4.5% in Scotland over the last 12 months, while London has seen values fall nearly 4% over the same period.

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 May (see chart below).

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

It means the average UK home is now valued at around £281,000.

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

As Halifax noted: “Market activity remained resilient throughout the Spring months, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook.

"A period of relative stability in both house prices and interest rates should give a degree of confidence to both buyers and sellers.”

What impact will the General Election have on house prices?

There have been instances in the past where a General Election can have a notable impact on house prices. 

However, with neither the Conservatives nor Labour having made any significant election promises or handouts likely to shake up the housing market, the impact will likely be minor in 2024.

We could see a small number of buyers and sellers holding fire as they await the election results, but generally, the market is expected to remain stable.   

“With the General Election announced this month, experts do not foresee an impact on house prices or on those already underway with moving plans but with the element of uncertainty an election brings, it could dampen the number of newly agreed sales over the Summer months.”

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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 April 2024  – but it nonetheless provides an interesting insight into how areas are faring relative to each other. 

The majority of regions reported an increase in prices over a 12-month period, but there were some massive regional variances. 

The Scottish housing market proved the most buoyant by some distance, with prices rising a remarkable 4.5% 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 3.9%.

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

What the indices say

Homeowners Alliance
“House prices increased this month and transactions hit their highest level in 12 months.

“The supply of homes for sale is at an eight-year high. Running ahead of demand, this is likely to keep a check on house prices.

“With the General Election announced this month, experts do not foresee an impact on house prices or on those already underway with moving plans but with the element of uncertainty an election brings, it could dampen the number of newly agreed sales over the Summer months.”

Rightmove
“The average price of property coming to the market reaches a new high as the momentum of the Spring selling season exerts some modest upwards price pressure.

"The market remains price-sensitive with average asking prices just 0.6% higher than a year ago. The top-of-the-ladder sector is still leading price growth.

"Pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home-mover activity despite mortgage rates remaining elevated for longer than anticipated.

"The number of sales agreed during the first four months of the year is 17% higher than last year, outstripping the 12% increase in the number of new sellers coming to market.

"Now that a General Election has been called, Rightmove’s data suggests activity is largely remaining stable. The number of sales being agreed and the number of buyers sending enquiries to agents remain steady, with the vast majority of those already in the market continuing with their plans.”

Nationwide
“The market appears to be showing signs of resilience in the face of ongoing affordability pressures following the rise in longer-term interest rates in recent months.

"Consumer confidence has improved noticeably over the last few months supported by solid wage gains and lower inflation.

"With the recent announcement that the UK General Election will take place on 4 July, we have analysed house price movements in the months around previous elections, and also the 2016 EU referendum.

"Past General Elections do not appear to have generated volatility in house prices or resulted in a significant change in house price trends.”

Zoopla
“There is a record high supply of homes for sale (the highest in 8 years) which shows renewed confidence among sellers, many of whom are also buyers. Note that a third of homes available for sale were also listed for sale in 2023 but failed to find a buyer.

"Greater choice will keep prices in check over 2024. The announcement of the General Election came earlier than many expected. Elections normally lead to increased uncertainty and some stalling in market activity.

"The General Election is likely to dampen the upward momentum in sales agreed, but committed buyers will continue to secure sales.”

Halifax
“UK house prices were largely static in May. Market activity remained resilient throughout the Spring months, supported by strong nominal wage growth and some evidence of an improvement in confidence about the economic outlook.

"A period of relative stability in both house prices and interest rates should give a degree of confidence to both buyers and sellers.”

RICS
“The May 2024 RICS UK Residential Survey results are symptomatic of a slight setback for the sales market over the month, with most of the indicators tracked deteriorating to a certain extent.

"This appears to be linked to the recent scaling back in expectations around the degree of monetary policy loosening likely to be pushed through by the Bank of England during the second half of this year.

"Nevertheless, respondents still foresee a modest recovery in residential sales volumes getting back on track over the months ahead.”