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

The average house price has jumped £3,000 in the last month alone. 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, house jumped 0.8% in the last month alone (see chart below).

Looking over the longer term, which generally provides a more reliable snapshot of the housing market's performance, prices increased by 3.6% over the last 12 months.

With the typical UK home now valued at around £293,000, that means prices have jumped more than £9,000 in the last year.

While there are huge regional variations (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 Rightmove noted in its latest market analysis: "The Autumn action has started early with a strong rebound in activity from both buyers and sellers compared to the subdued market at this time last year, continuing the momentum from the better-than-expected Summer market.

“The certainty of a new Government followed by the first Bank Rate cut in four years invigorated the market, opening a window of opportunity for movers to act." 

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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 August 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 every single region.

The Northern Irish housing market continues to prove the most buoyant by some distance, with prices rising a remarkable 6.4%.

At the other end of the scale, the South West was the worst-performing area with prices rising by just 0.8% in the year to August.

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

What the indices say

HomeOwners Alliance
“House prices are up again this month and buyer demand and sales agreed are reported to be up 25% year on year as borrowing costs ease.

“While activity is up, house price growth is expected to remain modest in the months ahead with a steady supply of new homes for sale and buyers still price sensitive -- housing costs remain a challenge for many.”

Rightmove
“The Autumn action has started early with a strong rebound in activity from both buyers and sellers compared to the subdued market at this time last year, continuing the momentum from the better-than-expected Summer market.

“The certainty of a new Government followed by the first Bank Rate cut in four years invigorated the market, opening a window of opportunity for movers to act.

“Some of this will be pent-up demand from those who had to hit the pause button until now. However, windows of opportunity tend to need a momentum of good news to stay open, and there are still uncertainties ahead which could cause some of the current market activity to ease.”

Nationwide
“UK house prices increased in September and the annual rate of growth is the fastest pace since November 2022.

“Average prices are now around 2% below the all-time highs recorded in summer 2022.

“Income growth has continued to outstrip house price growth in recent months while borrowing costs have edged lower amid expectations that the Bank of England will continue to lower interest rates in the coming quarters.

“These trends have helped to improve affordability for prospective buyers and underpinned a modest increase in activity and house prices, though both remain subdued by historic standards.”

Halifax
“UK house prices climbed for the third month in a row. Annual growth edged up to the highest rate since November 2022. It’s essential to view these recent gains in context.

“While the typical property value has risen by around £13,000 over the past year, this increase is largely a recovery of the ground lost over the previous 12 months.

“Looking back two years, prices have increased by just +0.4% (£1,202). Market conditions have steadily improved into early autumn. Mortgage affordability has been easing thanks to strong wage growth and falling interest rates.

“This has boosted confidence among potential buyers, with mortgages agreed up over 40% in the last year and at their highest level since July 2022.

“While improved mortgage affordability should support buyer activity – boosted by anticipated further cuts to interest rates – housing costs remain a challenge for many.

“As a result, we expect property price growth over the rest of this year and into next to remain modest.”

Zoopla
“Homebuyers are benefitting from the lowest average mortgage rates for 15 months, which is supporting double-digit growth in all key measures of sales market activity.

“Nationally, homebuyer demand is 26% higher than a year ago. The number of sales agreed is 25% higher than a year ago. Increased sales activity is supporting modest price rises.

“Affordability remains a constraint on house price growth and rising sales volumes are being supported by more homes available for sale, up 12% on this time last year.

“Speculation over possible tax changes in the Budget is likely to support the growth in supply as investors, second homeowners and others with multiple homes consider selling.

“Nearly a third (32%) of homes for sale on Zoopla are ‘chain-free’.”

RICS
“The September 2024 RICS Residential Survey results point to a sustained improvement in market activity, with measures of demand, sales and new listings all continuing to return positive readings.

“Moreover, forward-looking sentiment is consistent with further modest growth in headline sales volumes over the coming months, while expectations for the year ahead are also firmly in expansionary territory.”