UK House Prices Rise 4.6% by December 2024
The price of an average home increased by 4.6 percent, to £268,000, in the 12 months ending December 2024.
This annual growth rate is up from 3.9 per cent in the 12 months to November 2024.
Average house prices in England increased to £291,000 (4.3 per cent) and in Wales to £208,000 (3.0 per cent) in the 12 months to December 2024, says the latest house price data from the Office of National Statistics (ONS).
At the same time, the ONS says house prices reflect annual inflation, which has generally increased since its low point of -2.7 per cent in December 2023.
House price increases year to February 2025
Homeowners in the North East had the highest house price growth in England from 12 months to December 2024, at 6.7 percent. This increased from 6.4 percent in the 12 months to November 2024.
House prices in London remained unchanged in the 12 months to December 2024. This decreased from 0.5 per cent in the 12 months to November 2024.
| Region | Change |
|---|---|
| North East | 6.70% |
| Yorkshire & Humber | 5.90% |
| North West | 5.40% |
| East Midlands | 5.30% |
| East Midlands | 4.40% |
| South East | 4.40% |
| West Midlands | 4.20% |
| South West | 3.80% |
| London | 0.00% |
| England | 4.30% |
| Wales | 3.00% |
Source: ONS
Halifax data bucks the trend
House prices dipped by -0.1 per cent in February following a 0.6 per cent rise in January, according to Halifax, one of the UK's biggest mortgage lenders.
The bank says the average UK property price is £298,602, compared to £298,815 in January, while annual growth remains at 2.9 per cent, unchanged from January.
The bank's head of mortgages, Amanda Bryden, said: "February's figures highlight the delicate balance within the UK housing market. While there's been talk of a last-minute rush on new mortgages ahead of the changes to stamp duty, inevitably, we've seen some of the demand that was brought forward start to fade as the April deadline ticks closer, given the time needed to complete a purchase.
"While house price growth has slowed, market activity remains strong and comparable to prepandemic levels, demonstrating a resilience amongst buyers that's been evident in the face of higher borrowing costs."
Nationwide says the market is stable
Nationwide, the biggest building society, says the annual rate of house price growth remained broadly stable in February at 3.9 percent, compared with 4.1 percent growth in January.
Nationwide's chief economist Robert Gardner said: "Housing market activity has also remained resilient in recent months, despite ongoing affordability challenges. Indeed, the second half of 2024 saw a noticeable increase in total housing transactions, up 14 per cent compared with the same period in 2023.
"However, taking 2024 as a whole, transactions were still 6 per cent lower than levels prevailing before the pandemic struck in 2019."
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