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 = £288,000, 2.7% change in the month, 0.5% in the year. Monthly index (where January 2015 = 100) 151.0
Average UK house prices are £8,000 higher than a year ago. The highest increase was in Scotland (4.3%) and in Northern Ireland (6.4% in the year to Q2 – April to June).
UK average house price = £291,268, 0.8% in the month, 0.0% in the quarter, 2.3% in the year. Monthly index (where January 1992 = 100) 502.3
The recent Bank of England base rate cut has encouraged remortgages as well as first time buyers and home movers. Affordability constraints and lack of available homes remain the most significant challenges for the housing market. A modest upward trend is anticipated for the remainder of 2024.
National average house asking price = £367,785, -1.5% in the month and 0.8% in the year.
For the first time in 18 years, August has seen a monthly decline in house prices from the previous month. The average new seller asking price is £367,785 – a -£5,708 drop for the month.
New buyer enquiries and new sellers on the housing market have increased on the same period a year ago. The best five year mortgage interest rate is 3.83% with a 40% deposit, the lowest rate since before the disastrous mini budget in September 2022.
UK average house price = £266,334, 0.3% change in the month and 2.1% in the year.
The UK housing market is seeing its fastest period of growth since December 2022, although remain -2.8% below the record high of summer 2022. The best five year mortgage interest rate is 4.6% with a 25% deposit (double the 1.9% average in 2019).
Average England and Wales house price = £360,630, -0.1% change in the month, -1.3% in the year.
The average house sale price decreased 0.1% to £360,630 in July 2024, indicating that the housing market is withstanding the challenges of current market conditions. Greater confidence is anticipated by wage growth, lower inflation and the government’s building targets, as seen by the reduction in interest rates by mortgage lenders.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| June 2024 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £305,370 | 0.6% | 2.4% |
| Northern Ireland (Quarter 2 – 2024) | £185,025 | 3.6% | 6.4% |
| Scotland | £192,488 | 0.0% | 4.3% |
| Wales | £215,518 | 0.3% | 1.8% |
| East Midlands | £245,232 | -0.5% | 1.6% |
| East of England | £339,440 | 0.1% | 1.2% |
| London | £523,134 | 1.2% | 0.6% |
| North East | £164,886 | 1.5% | 4.2% |
| North West | £220,441 | 0.3% | 3.7% |
| South East | £382,522 | 1.0% | 2.0% |
| South West | £317,259 | -1.0% | 2.0% |
| West Midlands Region | £253,245 | 0.7% | 3.1% |
| Yorkshire and The Humber | £215,347 | 2.7% | 4.7% |
UK HPI Average monthly price by property type
| Property type | June 2024 | June 2023 | Difference |
| Detached | £439,974 | £428.198 | 2.8% |
| Semi-detached | £280,895 | £269,998 | 4.0% |
| Terraced | £239,000 | £231,863 | 3.1% |
| Flat or maisonette | £232,436 | £231,320 | 0.5% |
| All | £287,924 | £280,278 | 2.7% |
Rightmove regional figures
| August 2024 | Average price GBP | Monthly change | Annual change |
| London | £677,794 | -2.1% | 0.7% |
| South East | £480,108 | -1.2% | -0.3% |
| South West | £383,416 | -2.4% | -0.2% |
| East of England | £418,295 | -1.4% | -0.2% |
| West Midlands | £290,732 | -1.1% | 1.6% |
| East Midlands | £288,268 | -0.8% | 0.9% |
| North West | £261,505 | -1.0% | 3.0% |
| Wales | £262,923 | -1.0% | 2.3% |
| Yorkshire & Humber | £252,835 | 0.3% | 3.5% |
| North East | £192,774 | -0.1% | 3.6% |
LSL Acadata Regional Data
| June 2024 | Average House Price £ GBP | Monthly % change | Annual % change |
| East Midlands | £270,077 | 0.4% | -2.2% |
| East of England | £391,903 | -0.3% | -2.6% |
| London | £688,743 | 1.2% | -1.6% |
| North East | £194,382 | 0.4% | 1.5% |
| North West | £249,003 | 0.7% | 1.1% |
| South East | £452,664 | -0.3% | -3.1% |
| South West | £367,661 | -0.1% | 0.4% |
| West Midlands | £284,644 | 0.5% | -0.4% |
| Yorkshire and The Humber | £238,605 | 0.1% | -1.3% |
| England | £367,783 | 0.3% | -1.5% |
| Wales | £237,747 | 0.5% | -0.4% |
Focus on London
Best and Worst annual performers according to:
| Rightmove July 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Westminster | £1,537,470 | 1.0% | 5.4% |
| Lewisham | £532,374 | -0.6% | 3.9% |
| Kingston upon Thames | £689,962 | -2.6% | -2.9% |
| Brent | £616,308 | -2.3% | -4.8% |
RICS Survey Overview
The RICS Residential Market Survey for July 2024 reported a steady level of new buyer enquiries and agreed house sales. Market activity is expected to increase in the coming 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