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 = £290,000, 0.6% change in the month, 2.2% in the year. Monthly index (where January 2015 = 100) 152.0
The average UK house price inflation of 2.2% was down from the revised estimate of 2.7% in the year to June 2024.
The North East saw the highest annual house price increase at 3.8%, while London saw the lowest with a decrease of -0.4% in the year to July 2024.
UK average house price = £292,505, 0.3% in the month, 0.8% in the quarter, 4.3% in the year. Monthly index (where January 1992 = 100) 504.4
Higher annual house price growth is reflecting the impact of weaker prices a year ago and the positive summer in the UK housing market. Lower interest rates have led to greater confidence in home buyers and higher mortgage approval figures.
House prices are expected to show modest growth over the remainder of 2024.
National average house asking price = £370,759, 0.8% in the month and 1.2% in the year.
This year’s August to September average house price rise is double the long term average, at 0.8%, reflecting stronger summer activity compared to last year’s more subdued housing market. Sales numbers are 27% higher than the same period in 2023. There are 14% more homes available and 15% more house buyers, so no glut in the number of homes for sale.
UK average house price = £265,375, -0.2% change in the month and 2.4% in the year.
The housing market is subdued by recent standards but showing resilience despite the challenges of high house prices compared to average earnings and the challenges faced to raise a deposit. With economic certainty and an easing of economic constraints, such as lower interest rates and higher earnings, the housing market is expected to strengthen.
Nationwide used EPC data to determine how energy efficiency affects the selling price of houses. More energy efficient EPC rated A or B properties attract an average 2.8% premium over D rated properties (which is the most common rating). E rated homes only decrease from D rated by -0.5%, while F and G rated homes decrease by -4.2%.
These figures reflect the housing market in 2024 and, compared to 2019 figures, showed that energy efficiency is now more important to people.
Average England and Wales house price = £356,056, -0.5% change in the month, -2.6% in the year.
Affordability remains an issue but further expected decreases in Bank of England interest rates would likely ease mortgage lenders’ stress tests and further support house prices.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| July 2024 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £305,879 | 0.2% | 1.6% |
| Northern Ireland (Quarter 2 – 2024) | £185,025 | 3.6% | 6.4% |
| Scotland | £199,398 | 3.1% | 6.0% |
| Wales | £218,184 | 1.1% | 2.0% |
| East Midlands | £248,817 | 1.3% | 2.5% |
| East of England | £341,160 | 0.7% | 0.3% |
| London | £520,747 | -0.3% | -0.4% |
| North East | £164,555 | 0.1% | 3.8% |
| North West | £219,887 | 0.0% | 2.8% |
| South East | £381,188 | 0.1% | 0.5% |
| South West | £320,415 | 0.5% | 1.0% |
| West Midlands Region | £253,707 | 0.0% | 2.2% |
| Yorkshire and The Humber | £214,918 | -0.5% | 3.7% |
UK HPI Average monthly price by property type
| Property type | July 2024 | July 2023 | Difference |
| Detached | £443,180 | £433,387 | 2.3% |
| Semi-detached | £281,907 | £274,845 | 2.6% |
| Terraced | £239,524 | £234,175 | 2.3% |
| Flat or maisonette | £235,537 | £232,235 | 1.4% |
| All | £289,723 | £283,532 | 2.2% |
Rightmove regional figures
| September 2024 | Average price GBP | Monthly change | Annual change |
| London | £682,375 | 0.7% | 1.4% |
| South East | £483,214 | 0.6% | 0.2% |
| South West | £387,389 | 1.0% | -0.8% |
| East of England | £418,110 | 0.0% | -0.3% |
| West Midlands | £293,796 | 1.1% | 2.2% |
| East Midlands | £288,985 | 0.2% | 1.9% |
| North West | £261,882 | 0.1% | 3.1% |
| Wales | £265,218 | 0.9% | 2.0% |
| Yorkshire & Humber | £252,513 | 0.3% | 2.9% |
| North East | £193,706 | 0.5% | 5.0% |
LSL Acadata Regional Data
| August 2024 | Average House Price £ GBP | Monthly % change | Annual % change |
| East Midlands | £268,087 | -0.6% | -3.2% |
| East of England | £387,535 | -1.0% | -3.5% |
| London | £685,314 | -0.2% | -1.6% |
| North East | £195,148 | 0.2% | 1.3% |
| North West | £248,306 | -0.6% | 0.7% |
| South East | £445,001 | -1.3% | -4.3% |
| South West | £359,676 | -1.2% | -1.5% |
| West Midlands | £284,742 | 0.0% | -0.2% |
| Yorkshire and The Humber | £239,368 | 0.1% | -1.4% |
| England | £364,393 | -0.7% | -2.2% |
| Wales | £236,257 | -0.2% | -1.1% |
Focus on London
Best and Worst annual performers according to:
| Rightmove September 2024 |
Average Price (£) GBP | Monthly change | Annual change |
| Merton | £731,944 | -1.2% | 6.0% |
| Westminster | £1,512,633 | -1.6% | 4.7% |
| Brent | £610,576 | -0.9% | -3.3% |
| Camden | £1,008,601 | -5.7% | -4.4% |
RICS Survey Overview
The RICS Residential Market Survey for August 2024 reported a rise in new buyer demand and some improvement in the number of sales agreed. Survey participants noted the most market positivity since October 2021.
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