UK Homeowners Earn £8,000 as House Prices Rise
According to the latest official data, house prices in London are the only place in the country where they have fallen in the past year.
Prices dropped a meagre 0.5 per cent in the capital, with the average home costing £525,586—the most expensive in the country, around double the value of homes in many regions.
The cheapest homes, with an average price tag of £170,644, are in the North East, where values jumped by 6.5 per cent over the past year, according to the Land Registry data.
The average home in England is currently worth £308,782, around £8,000 more than 12 months ago, as prices have risen 2.5 per cent.
Sluggish market improves
Homeowners in Wales have seen their values rise modestly by 0.4 per cent in 12 months, with the average home now worth £216,750.
UK house prices have dropped 0.3 per cent in the past month, although annual price changes are mainly positive.
HM Revenue and Customs data shows that 92,000 homes worth more than £40,000 changed hands in September, 8.9 per cent more than a year earlier.
Mortgage approvals reached 65,600, the highest level since August 2022, when 72,000 borrowers sought loans to buy homes.
Annual house price changes by region (To September 2024)
| Region | Price | Monthly change | Annual change |
|---|---|---|---|
| North East | £170,644 | 2.40% | 6.50% |
| North West | £225,977 | 0.40% | 4.80% |
| Yorkshire and The Humber | £215,442 | -1.70% | 4.40% |
| East Midlands | £249,947 | -0.30% | 3.10% |
| West Midlands | £257,129 | 0.70% | 3.00% |
| South East | £383,104 | -0.40% | 1.80% |
| East of England | £342,470 | -0.30% | 1.20% |
| South West | £319,015 | 0.10% | 1.00% |
| London | £525,586 | -0.80% | -0.50% |
| UK | £292,000 | -0.30% | 2.90% |
| England | £308,782 | -0.10% | 2.50% |
| Wales | £216,750 | -2.20% | 0.40% |
Source: Office for National Statistics\Land Registry
October’s house price data from two of the biggest mortgage lenders broadly underpins the Land Registry’s September figures.
Home values hit new high
The Halifax says the average house price is £293,999, with values rising 3.9 per cent in a year and 0.2 per cent from September.
Head of Mortgages Amanda Bryden said: “The average property price has reached a record high of £293,999, surpassing the previous peak of £293,507 set in June 2022.”
The Nationwide Building Society data showed a 2.4 per cent annual rise, taking the average house price to £265,738.
Nationwide's Chief Economist Robert Gardner said: “The price of a typical UK home increased by 2.4 per cent year on year in October, though this represented a modest slowdown from the 3.2 per cent pace recorded the previous month. House prices rose by 0.1 per cent month on month in October, after taking account of seasonal effects.”
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