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 = £292,000, -0.3% change in the month, 2.9% in the year. Monthly index (where January 2015 = 100) 153.1
UK average house price = £293,999, 0.2% in the month, 1.2% in the quarter, 3.9% in the year. Monthly index (where January 1992 = 100) 507.0
House prices have largely plateaued in the two and a half years, with a 0.2% rise – compared to a rise of 21% between January 2020 and the summer of 2022.
Affordability is the biggest challenge for buyers but the number of new mortgage agreements are at the highest level for two years.
National average house asking price = £366,592, -1.4% in the month and 1.2% in the year.
Market activity is stronger than last year, with the number of agreed sales 26% higher than November 2023. New sellers coming onto the market is 6% higher. The housing market is price sensitive and favours well presented and well prices houses.
Any improvement in affordability is expected to be slow paced.
UK average house price = £265,738, 0.1% change in the month and 2.4% in the year.
The housing market has remained resilient and, despite higher interest rates, the number of mortgage approvals is close to the pre-pandemic levels. With a recovering economy, housing market activity is expected to gradually strengthen.
Average England and Wales house price = £354,822, 0.2% change in the month, -3.4% in the year.
The stamp duty changes from April 2025 announced during the budget are expected to increase housing activity in the coming months. The budget’s focus on housing supply with no financial assistance for home buyers has led to any recovery being largely the result of an ease in the base rate and interest rate reductions.
Wider market recovery is being held back by the South of England.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| September 2024 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £308,782 | -0.1% | 2.5% |
| Northern Ireland (Quarter 3 – 2024) | £190,553 | 2.8% | 6.2% |
| Scotland | £198,046 | -0.9% | 5.7% |
| Wales | £216,750 | -2.2% | 0.4% |
| East Midlands | £249,947 | -0.3% | 1.2% |
| East of England | £342,470 | -0.3% | 1.2% |
| London | £525,586 | -0.8% | -0.5% |
| North East | £170,644 | 2.4% | 6.5% |
| North West | £225,977 | 0.4% | 4.8% |
| South East | £383,104 | -0.4% | 1.8% |
| South West | £319,015 | 0.1% | 1.0% |
| West Midlands Region | £257,129 | 0.7% | 3.0% |
| Yorkshire and The Humber | £215,442 | -1.7% | 4.4% |
UK HPI Average monthly price by property type
| Property type | September 2024 | September 2023 | Difference |
| Detached | £444,364 | £432,979 | 2.9% |
| Semi-detached | £283,767 | £273,746 | 3.7% |
| Terraced | £242,428 | £235,157 | 3.1% |
| Flat or maisonette | £236,503 | £232,916 | 1.5% |
| All | £291,828 | £283,680 | 2.9% |
Rightmove regional figures
| November 2024 | Average price GBP | Monthly change | Annual change |
| London | £683,316 | -1.7% | 1.5% |
| South East | £471,477 | -2.5% | -0.1% |
| South West | £3749097 | -2.4% | -0.5% |
| East of England | £416,724 | -1.4% | 0.7% |
| West Midlands | £288,048 | -1.5% | 1.7% |
| East Midlands | £286,838 | 0.1% | 2.0% |
| North West | £259,792 | -1.2% | 1.8% |
| Wales | £260,096 | -1.2% | 2.3% |
| Yorkshire & Humber | £249,708 | -0.5% | 3.0% |
| North East | £189,694 | -1.6% | 4.3% |
LSL Acadata Regional Data
| September 2024 | Average House Price £ GBP | Monthly % change | Annual % change |
| East Midlands | £269,074 | 0.2% | -2.7% |
| East of England | £383,472 | -0.7% | -4.1% |
| London | £676,583 | 0.1% | -4.8% |
| North East | £193,590 | -0.2% | -0.9% |
| North West | £247,837 | -0.1% | -0.8% |
| South East | £439,683 | -0.4% | -5.1% |
| South West | £350,234 | -0.1% | -5.4% |
| West Midlands | £280,311 | -0.8% | -2.0% |
| Yorkshire and The Humber | £242,084 | 0.7% | -0.7% |
| England | £360,652 | -0.2% | -3.8% |
| Wales | £235,316 | -0.3% | -3.7% |
Focus on London
Best and Worst annual performers according to:
| Rightmove November 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Merton | £743,655 | 0.4% | 7.2% |
| Tower Hamlets | £617,546 | -1.7% | 6.0% |
| Richmond upon Thames | £939,329 | 2.4% | -2.5% |
| Brent | £610,181 | 0.7% | -3.1% |
RICS Survey Overview
The RICS Residential Market Survey for October 2024 reported a positive reading for agreed sales and new buyer enquiries. House price growth is gradually gaining momentum and there is a positive near-term expectation of market activity.
Landlord instructions continue to decline, as does an increase in tenant demand. As such, rental prices are expected to further increase over the next quarter.
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