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 = £283,000, 0.7% change in the month, 1.8% in the year. Monthly index (where January 2015 = 100) 148.3
The average asking price for a UK home is £5,000 more than a year ago. Twelve month house price inflation was highest in March in Yorkshire and the Humber at 5%, and lowest in London at -3.4%.
UK average house price = £288,688, -0.1% in the month, -0.3% in the quarter, 1.5% in the year. Monthly index (where January 1992 = 100) 497.8
Little change in the housing market in May, and prices changing little in the last three months, supported by better economic confidence.
National average house asking price = £375,110, -0.0% in the month and 0.6% in the year.
News of the election does not appear to have affected buyers and sellers, although there has been a small reduction in the number of new sellers at the top end of the market. Buyer demand and the number of new sellers are up 5% and 6% on last year.
In a recent survey, 95% of Rightmove’s customers said news of the election had not affected their house moving plans.
UK average house price = £261,962, -0.4% change in the month and 0.6% in the year.
A survey has shown that half of first time buyers have put off plans to buy over the last year. Most have done so because of high house prices (53%) while 41% said higher mortgage costs prevented them from entering the property market. In total, 84% of first time buyers said that their plans to buy had been affected by the cost of living, often due to having to reduce the amount they can save each month towards a deposit. More than half of those surveyed said they would relocate to a home over 30 miles away in order to buy a cheaper or bigger property.
Average England and Wales house price = £356,014, -0.2% change in the month, -3.3% in the year.
House prices are an average £40,000 (13%) higher than before the pandemic but have been creeping down from the all time high of October 2022.
London, the South East and the East of England have the weakest price increases. These areas have the highest house prices and therefore increased affordability issues and reliance on mortgage lending.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| March 2024 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £299,321 | 0.5% | 1.0% |
| Northern Ireland (Quarter 1 – 2024) | £178,499 | 0.4% | 4.0% |
| Scotland | £191,678 | 2.3% | 6.7% |
| Wales | £213,753 | 0.9% | 1.3% |
| East Midlands | £242,223 | 0.3% | 1.0% |
| East of England | £341,979 | 0.5% | 0.8% |
| London | £499,663 | -0.9% | -3.4% |
| North East | £158,569 | -0.4% | 3.2% |
| North West | £216,501 | 1.1% | 3.8% |
| South East | £373,223 | 0.3% | -1.3% |
| South West | £316,262 | 0.2% | 0.5% |
| West Midlands Region | £246,298 | 1.4% | 2.4% |
| Yorkshire and the Humber | £209,868 | 2.2% | 5.0% |
UK HPI Average monthly price by property type
| Property type | March 2024 | March 2023 | Difference |
| Detached | £440,085 | £429,319 | 2.5% |
| Semi-detached | £275,684 | £269,632 | 2.2% |
| Terraced | £230,406 | £227,464 | 1.3% |
| Flat or maisonette | £229,813 | £227,628 | 1.0% |
| All | £282,776 | £277,855 | 1.8% |
Rightmove regional figures
| June 2024 | Average price GBP | Monthly change | Annual change |
| London | £695,079 | -0.3% | 1.4% |
| South East | £495,505 | 0.2% | 0.0% |
| South West | £394,837 | 0.1% | -0.3% |
| East of England | £420,192 | -0.5% | -1.4% |
| West Midlands | £295,478 | 0.0% | 1.2% |
| East Midlands | £290,270 | 0.7% | 1.3% |
| North West | £262,114 | 0.9% | 1.8% |
| Wales | £266,033 | 0.3% | 0.7% |
| Yorkshire & Humber | £254,020 | 0.0% | 2.8% |
| North East | £191,996 | 1.0% | 1.9% |
LSL Acadata Regional Data
| April 2024 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £672,188 | -0.8% | -4.4% |
| South East | £447,993 | -0.4% | -6.4% |
| South West | £364,210 | -0.1% | -3.0% |
| East of England | £388,189 | 0.2% | -4.6% |
| West Midlands | £284,357 | -0.4% | -0.2% |
| East Midlands | £273,121 | -0.9% | -2.6% |
| North West | £248,474 | -0.6% | -0.7% |
| Wales | £238,665 | -0.2% | -0.9% |
| Yorkshire & Humber | £240,617 | -0.8% | -1.8% |
| North East | £196,905 | -0.6% | 0.0% |
Focus on London
Best and Worst annual performers according to:
| Rightmove June 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Camden | £1,119,816 | 1.0% | 9.7% |
| Merton | £772,133 | 1.2% | 6.0% |
| Hackney | £712,373 | 1.8% | -2.7% |
| Brent | £631,287 | -1.2% | -2.9% |
| LCL Acadata March 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Ealing | £704,488 | 2.2% | 9.3% |
| Greenwich | £527,783 | -2.0% | 7.1% |
| Hounslow | £527,030 | -6.0% | -22.4% |
| Camden | £919,796 | -7.9% | -22.9% |
RICS Survey Overview
The RICS Residential Market Survey for May 2024 suggested a dip in new buyer enquiries and house prices nationally, although both markers are expected to improve in the coming months.
Bank of England monetary policy appears to have caused some uncertainty in the housing market.
The number of new properties coming on to the market has improved, and estate agents are reporting an increase in market appraisals from a year ago.
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