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

The average house price has jumped almost £9,000 in the last year. 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, prices increased 0.2% 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 3.1% over the last 12 months.

With the typical UK home now valued at around £292,000, that means prices are almost £9,000 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 HomeOwners Alliance noted in its latest market analysis: "Market activity has been improving in response to the Base Rate cut, with the number of new mortgages agreed reaching its highest level in two years.

“There could also be a surge of activity in the coming months as people look to buy before the Stamp Duty thresholds change in April.”

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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 September 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 except for London.

The North East housing market has proved the most buoyant over that period, with prices rising a remarkable 6.5%, followed closely by Northern Ireland (6.2%).

At the other end of the scale, London saw prices fall 0.5% in the 12 months to September.

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

What the indices say

HomeOwners Alliance
“Although house prices are up overall, sellers have reduced their initial asking price (-1.4%) to attract savvy buyers at this time of year.

“However, market activity has been improving in response to the bank rate cut with the number of new mortgages agreed reaching its highest level in 2 years.

“There could also be a surge of activity in the coming months as people look to buy before the Stamp Duty thresholds change in April.”

Rightmove
“We had seen a drop-off in buyer demand, both in the lead-up to the Budget and in its immediate aftermath, as it was confirmed that there will be an increase to Stamp Duty charges for most home-movers and second-home buyers, and some first-time buyers.

“However, the big picture of market activity remains positive when compared to the quieter market at this time last year.

“This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall significantly to improve affordability.”

Nationwide
“Housing market activity has remained relatively resilient in recent months, with the number of mortgage approvals approaching the levels seen pre-pandemic, despite the significantly higher interest rate environment.

“Solid labour market conditions, with low levels of unemployment and strong income gains have helped underpin a steady rise in activity and house prices. 

“Providing the economy continues to recover steadily, housing market activity is likely to continue to strengthen gradually.”

What the indices say

Halifax
“The average property price has reached a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022, towards the end of the pandemic-era ‘race for space’.

“Despite the affordability challenge, market activity has been improving.

“The number of new mortgages agreed recently reached its highest level in two years.

“Looking ahead, borrowing constraints remain a challenge for many buyers.

“Following the budget, markets expect the Bank of England to cut rates more slowly which could keep mortgage costs higher for longer.”

Zoopla
“Housing market activity continues to recover in response to lower mortgage rates and rising incomes, with the largest sales pipeline for 4 years.

“House price inflation is being kept in check by a large supply of homes for sale and ongoing affordability constraints.

“First-time buyers are the largest buyer group in 2024 (36% of sales).”

RICS
“Latest survey results continue to signal an improving market backdrop, evidenced by modestly positive readings being returned across all headline measures of activity.

“House price growth appears to be gradually gaining momentum.

“Expectations point to this brighter picture for activity being sustained over the near-term, although the rise in bond yields in recent weeks is likely to present something of a headwind as it feeds through into general lending conditions.”