Prices dropped in London, the South East and South West, with only the East of England showing price growth.
However, prices rose everywhere but the North West for the rest of England and Wales.
By the end of 2004, average UK house prices were up 4.6 percent, with the average home valued at £268,000—an annual increase of about £12,000. Home values in England increased by 4.3 percent to £291,000, while Wales saw a 3 percent increase to £208,000.
The North East experienced the highest house price inflation in 2024, at 6.7 percent, up from 6.4 percent in the 12 months to November 2024.
Annual house price inflation was lowest in London, at 0.0 percent from 12 months to December 2024. This decreased from 0.5 percent in the 12 months to November 2024.
Average house prices 2024
Region
Price
Monthly change
Annual change
East Midlands
£242,036
0.5%
5.3%
East of England
£340,385
0.6%
4.4%
London
£548,939
-0.3%
0.0%
North East
£161,389
0.5%
6.7%
North West
£211,030
-0.4%
5.4%
South East
£383,605
0.6%
4.4%
South West
£305,843
-0.3%
3.8%
West Midlands
£244,369
-0.4%
4.2%
Yorkshire and The Humber
£203,983
-0.8%
5.9%
England
£290,564
0.0%
4.3%
Wales
£208,197
-0.5%
3.0%
UK
£268,000
0.7%
4.6%
Source: Office for National Statistics and HM Land Registry
What the big lenders say
The Halifax reports that annual house price rises eased in January to 3 percent from 3.4 percent in December, setting a new record high value for the average home of £299,138.
"Over the past year, buyers have been getting used to this new normal, understanding that rates are unlikely to return to the historical lows of 1 per cent. But the fundamental issue in the housing market remains lack of supply."
The Nationwide reported a yearly change of 4.7 per cent in 2024 house prices, taking the average house price from £268,213 in December 2023 to £269,426 in December last year.
Nationwide's Chief Economist Robert Gardner said: "The housing market continues to show resilience despite ongoing affordability pressures. While there has been a modest improvement over the last year, affordability remains stretched by historical standards. "
