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 = £281,000, 0.4% change in the month, -0.2% in the year. Monthly index (where January 2015 = 100) 147.2
The average UK house price is unchanged from a year ago.
UK average house price = £288,430, -1.0% in the month, 2.0% in the quarter, 0.3% in the year. Monthly index (where January 1992 = 100) 497.4
The monthly house price reduction of an average £2,900 follows five consecutive months of growth, indicating “surprising resilience” to higher mortgage interest charges. Affordability remains the biggest hurdle for buyers, although those existing homeowners benefiting from cheaper deals are yet to feel the effects of interest rate increases. Interest rates are likely to limit any scope for house price increases this year.
National average house asking price = £372,324, 1.1% in the month and 1.7% in the year.
The average property asking price has risen £4,207 this month, just shy of the record in May 2023. Larger homes at the top of the ladder are key to what has been the strongest start of year house price growth since 2014.
Price sensitivity is most noticeable for mortgage dependent buyers, i.e, first time buyers and second steppers.
UK average house price = £261,142, -0.2% change in the month and 1.6% decrease in the year.
Northern Ireland is the best performing area for house price growth (4.6%), and the South West was the weakest (-1.7%). Market activity has improved but remains subdued. The number of mortgage approvals for January was 15% below pre-pandemic levels, reflecting mortgage higher interest rates.
The Nationwide says that income growth has outpaced house price growth by a “healthy margin” which has gradually improved affordability.
Average England and Wales house price = £361,368, 0.1% change in the month, -3.1% in the year.
“Solid wage growth” and optimism over interest rates is behind growing confidence in the housing market. There is still a lack of supply of homes on the market, but new products are becoming available to buyers. Affordability pressures are expected to ease.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| February 2024 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £297,735 | 0.6% | -1.1% |
| Northern Ireland (Quarter 4 – 2023) | £177,611 | -0.9% | 3.3% |
| Scotland | £187,807 | -0.6% | 5.6% |
| Wales | £210,717 | 0.4% | -1.2% |
| East Midlands | £241,950 | 1.4% | -0.4% |
| East of England | £339,144 | 1.7% | -1.6% |
| London | £502,690 | -0.7% | -4.8% |
| North East | £160,406 | 3.2% | 2.9% |
| North West | £213,890 | -0.2% | 1.4% |
| South East | £373,018 | 1.1% | -2.1% |
| South West | £316,834 | 0.5% | -0.4% |
| West Midlands Region | £242,429 | -1.2% | -2.9% |
| Yorkshire and the Humber | £204,754 | 0.9% | 0.2% |
UK HPI Average monthly price by property type
| Property type | February 2024 | February 2023 | Difference |
| Detached | £436,398 | £433,435 | 0.5% |
| Semi-detached | £274,252 | £272,358 | 0.7% |
| Terraced | £229,443 | £231,778 | -1.0% |
| Flat or maisonette | £227,188 | £229,572 | -1.0% |
| All | £280,660 | £281,262 | -0.2% |
Rightmove regional figures
| March 2024 | Average price GBP | Monthly change | Annual change |
| London | £696,120 | 1.4% | 1.8% |
| South East | £487,350 | 1.8% | 0.7% |
| South West | £393,458 | 2.5% | 1.6% |
| East of England | £419,922 | 1.1% | -0.8% |
| West Midlands | £292,061 | 1.1% | 2.3% |
| East Midlands | £287,022 | 0.0% | 0.1% |
| North West | £259,649 | 1.0% | 2.9% |
| Wales | £263,132 | 2.6% | 2.1% |
| Yorkshire & Humber | £251,748 | 1.9% | 3.1% |
| North East | £190,060 | 1.3% | 3.4% |
LSL Acadata Regional Data
| February 2024 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £676,678 | 0.0% | -4.9% |
| South East | £451,828 | -0.2% | -5.7% |
| South West | £369,207 | 0.8% | -3.0% |
| East of England | £392,095 | 0.9% | -5.6% |
| West Midlands | £285,407 | 0.9% | -2.1% |
| East Midlands | £275,614 | 0.7% | -2.3% |
| North West | £251,153 | 0.8% | -0.3% |
| Wales | £237,987 | 0.9% | -4.6% |
| Yorkshire & Humber | £241,801 | 0.2% | -1.1% |
| North East | £196,851 | 1.6% | -1.5% |
Focus on London
Best and Worst annual performers according to:
| Rightmove April 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Hammersmith and Fulham | £1,028,518 | 1.8% | 8.1% |
| Barnet | £753,516 | 4.8% | 3.5% |
| Redbridge | £511,691 | 1.6% | -1.6% |
| Bexley | £479,492 | 1.3% | -1.6% |
| LCL Acadata February 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Islington | £841,429 | 6.3% | 6.9% |
| Brent | £679,167 | 0.5% | 6.5% |
| Hammersmith and Fulham | £889,904 | -2.2% | -16.9% |
| Hounslow | £543,870 | -1.8% | -19.4% |
RICS Survey Overview
The RICS Residential Market Survey for March 2024 showed an increase in sales expectations and a modest rise in new listings and buyer enquiries. The number of new listings was the largest since October 2020 following negative figures throughout 2023.
House prices remain static, although growth is expected in all regions over the next twelve months.
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