Our monthly Property Surveying summary of property market news, survey data, statistics, trends and information. (All figures below are the most recently available data.)
Data source: Land Registry
UK average house price = £281,913, 0.5% change in the month, -0.6% in the year. Monthly index (where January 2015 = 100) 147.9
Of the English regions, the North West saw the highest annual price increases over the twelve months to January 2024, at 1.0%, and London saw the lowest, at -3.9% over the same period.
The country with the highest house price inflation was Scotland, at 4.8%.
UK average house price = £291,699, 0.4% in the month, 2.9% in the quarter, 1.7% in the year. Monthly index (where January 1992 = 100) 503.0
House prices are approximately 3% lower than the recorded high during summer 2022. Affordability pressures appear to be easing now that borrowing costs are more settled.
Since the start of the year, there has been an increase in mortgage applications and new buyer enquiries.
National average house asking price = £368,118, 1.5% in the month and 0.8% in the year.
Newly marketed property prices are on average £5,279 higher at £368,119. However, average asking prices are still £4,776 lower than the May 2023 peak. The number of agreed sales is 13% higher than the same time in 2023. Buyer demand has risen 8% over last year.
The housing market remains sensitive and the spring budget provided little first time buyers with little confidence.
UK average house price = £260,420, 0.7% change in the month and 1.2% decrease in the year.
Annual house prices are in positive figures for the first time since January 2023. Borrowing costs have declined, which has had a positive effect on the housing market and resulted in an increase in mortgage applications and new buyer enquiries.
Average England and Wales house price = £363,249, 0.8% change in the month, -2.9% in the year.
February saw the highest price rises in 17 months, with the three northern regions at the top of the table. Housing transactions are at their lowest since 2013.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| January 2024 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £298,575 | 0.4% | -1.5% |
| Northern Ireland (Quarter 4 – 2023) | £177,611 | -0.9% | 3.3% |
| Scotland | £190,328 | -0.9% | 4.8% |
| Wales | £213,063 | -0.1% | -0.8% |
| East Midlands | £240,427 | -1.4% | -1.9% |
| East of England | £336,502 | 1.2% | -2.2% |
| London | £517,726 | 2.5% | -3.9% |
| North East | £154,948 | -1.7% | -3.1% |
| North West | £215,082 | -0.6% | 1.0% |
| South East | £373,177 | 0.6% | -3.1% |
| South West | £316,879 | 1.5% | -0.6% |
| West Midlands Region | £248,758 | 0.6% | 0.6% |
| Yorkshire and the Humber | £203,571 | -0.7% | -0.7% |
UK HPI Average monthly price by property type
| Property type | January 2024 | January 2023 | Difference |
| Detached | £438,088 | £436,376 | 0.4% |
| Semi-detached | £274,203 | £274,196 | 0.0% |
| Terraced | £230,628 | £233,533 | -1.2% |
| Flat or maisonette | £228,811 | £232,679 | -1.7% |
| All | £281,913 | £283,664 | -0.6% |
Rightmove regional figures
| March 2024 | Average price GBP | Monthly change | Annual change |
| London | £686,844 | 0.6% | 0.9% |
| South East | £478,936 | 1.5% | -0.7% |
| South West | £383,889 | 2.4% | -0.3% |
| East of England | £415,199 | 1.6% | -0.2% |
| West Midlands | £288,945 | 1.8% | 2.4% |
| East Midlands | £287,145 | 2.7% | 1.0% |
| North West | £257,185 | 0.8% | 2.8% |
| Wales | £256,499 | 0.3% | 0.0% |
| Yorkshire & Humberside | £247,054 | 1.5% | 2.4% |
| North East | £187,592 | 1.7% | 2.0% |
LSL Acadata Regional Data
| January 2024 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £680,653 | 0.2% | -3.1% |
| South East | £455,166 | -0.1% | -5.5% |
| South West | £369,023 | -0.2% | -3.1% |
| East of England | £389,901 | -0.5% | -5.7% |
| West Midlands | £284,266 | 0.2% | -3.5% |
| East Midlands | £271,954 | 0.2% | -3.9% |
| North West | £250,775 | 0.0% | -1.3% |
| Wales | £237,600 | -0.2% | -5.1% |
| Yorkshire & Humber | £239,934 | -0.1% | -2.3% |
| North East | £196,035 | 0.4% | -0.9% |
Focus on London
Best and Worst annual performers according to:
| Rightmove February 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Richmond upon Thames | £949,555 | 1.0% | 5.6% |
| Hammersmith and Fulham | £1,010,417 | 0.1% | 5.6% |
| Barking and Dagenham | £360,537 | 0.3% | -2.6% |
| Camden | £1,085,835 | 1.5% | -3.2% |
| LCL Acadata January 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| City of Westminster | £1,976,081 | 0.0% | 7.6% |
| Islington | £813,487 | 0.0% | 4.7% |
| Greenwich | £485,712 | 0.1% | -9.3% |
| Harrow | £546,535 | -0.1% | -11.8% |
RICS Survey Overview
The RICS Residential Market Survey for February 2024 reported a modest rise in new instructions and more positive buyer enquiries. House prices appear to be more stable and are projected to return to growth over the next twelve months. There is, however, still caution over mortgage interest rates.
In the lettings market, rent rises are expected to continue with a continued strength in tenant demand and dwindling landlord instructions.
Rightmove.co.uk is the UKs leading property website, displaying details of homes for sale or rent to the largest online audience. It is consistently ranked the number one property website in the UK (source: Experian Hitwise). It has around 90% of all properties for sale and at any time displays a stock of over one million properties to buy or rent, worth around £270 billion. The Rightmove.co.uk site attracts over 130 million visits from home movers each month with time on site averaging over one billion minutes per month (Rightmove data, 2017).
LSL Acad E&W HPI is derived from Land Registry (LR) house price data, seasonally and mix adjusted by property type. © Crown copyright material reproduced with the permission of Land Registry. The prices are smoothed to show underlying trends. LSL Acad E&W HPI includes cash purchase prices and is the only index based upon the complete, factual house price data for England & Wales, as opposed to a sample.
UK HPI: Monthly house price inflation, calculated using data from Land Registry, Registers of Scotland and Land and Property Services Northern Ireland. This replaces the previous House Price Indices separately published by Office of National Statistics and Land Registry.
All figures within this article are correct at the time of going to press, and are reproduced in good faith. No responsibility will be taken for any decisions taken based on the information contained herein. Always seek professional advice.
The Monthly Market Fact File is updated monthly on the day of publication.
SH/LCB