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

The average house price has jumped more than £10,000 in the last year, but there are huge variations across the regions. See what's happening to values near you.

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

The HomeOwners Alliance House Price Watch looks at all the information from the various property indices 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, prices jumped 0.9% in the last month (see chart below).

Looking over the longer term, which generally provides a more reliable snapshot of the housing market's performance, prices increased by 4% over the last 12 months.

With the typical UK home now valued at around £292,000, that means prices are more than £10,000 higher than a year ago.

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: “Despite the festive lull, activity remains substantially stronger than the same period a year ago with the number of sales agreed up by 22% and new buyer demand up by 13%.

“Rightmove’s 2025 forecast is that average new seller asking prices will rise by 4%, our highest prediction since 2021, with lower mortgage rates releasing some of the pent-up housing demand and putting modest upward pressure on prices.”

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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 the other property indices – its latest prices cover up to October 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 region.

The Northern Irish housing market has proved the most buoyant over that period, with prices rising a remarkable 6.2%, followed by Scotland (5.5%).

At the other end of the scale, London saw prices trickle upwards by just 0.2% in the 12 months to October.

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 on track to finish the year up 4% on average.

“Transactions exceeded 100K this month for the first time in two years with 2024 transactions now expected to be up 10% year on year.

“Looking ahead to 2025, most of the house price indices expect the current market momentum to continue with interest rates expected to gradually fall and earnings growth to outpace house price inflation.

“Modest house price inflation is expected in the 2-4% range in 2025. 

“HomeOwners Alliance expects this to be at the upper end of the range with house prices rising by 4% in 2025.”

Rightmove
“New seller asking prices drop with the usual monthly fall as Christmas approaches.

“Despite the festive lull, activity remains substantially stronger than the same period a year ago with the number of sales agreed up by 22% and new buyer demand up by 13%.

“Rightmove’s 2025 forecast is that average new seller asking prices will rise by 4%, our highest prediction since 2021 with lower mortgage rates releasing some of the pent-up housing demand and putting modest upward pressure on prices.”

Nationwide
“The price of a typical UK home rose by 3.7% year on year in November, marking the fastest rate of annual growth for two years (November 2022).

“Looking ahead to 2025, upcoming changes to stamp duty are likely to generate volatility, as buyers bring forward their purchases to avoid the additional tax.

“This will lead to a jump in transactions in the first three months of 2025 (especially in March) and a corresponding period of weakness in the following three to six months, as occurred in the wake of previous stamp duty changes.

“But, providing the economy continues to recover steadily, as we expect, the underlying pace of housing market activity is likely to continue to strengthen gradually as affordability constraints ease through a combination of modestly lower interest rates and earnings outpacing house price growth, where the latter is likely to remain broadly in the 2-4% range in 2025.”

Halifax
“UK house prices rose for the fifth month in a row in November, up +1.3% - the biggest increase so far this year.

“This pushed the annual growth rate up to +4.8%, its strongest level since November 2022.

“As we move to the end of the year and into 2025, positive employment figures and anticipated decreases in interest rates are expected to continue supporting demand.

“Modest house price growth in the range of 0% to +3% is expected for 2025, along with a further small increase in the number of transactions.”

Zoopla
“The housing market has returned to growth in 2024 thanks to rising incomes and lower mortgage rates. The sales market is on track for 1.1m sales completions over 2024 - 10% higher than 2023.

“The pipeline of sales is also 30% larger than this time last year which will support sales completions and deliver a boost in Q1 2025.

“The key question is whether the current momentum in sales will continue over 2025.

“We believe it will, supported by rising incomes and changes in the way lenders assess affordability. 

“We expect house prices to rise by 2.5% over 2025 with 5% more sales compared to 2024.

“The best market conditions will be seen in regional markets where affordability is less of a barrier to moving.”

RICS
“Results remain consistent with a gentle up-trend across the market, with metrics on new buyer demand, new instructions and house prices all continuing to register readings in expansionary territory.

“Looking ahead, despite the rise in mortgage interest rates seen over recent weeks, respondents still foresee a modest improvement in sales activity over the near-term, albeit expectations have been scaled back somewhat.”