Property Price Growth in 2024 So Far

1 Million Houses Have Increased in Value by £10,000 in 2024

On average, UK house prices have risen by £2,400, with an impressive one million homes in the north of England experiencing increases of at least £10,000 in the first half of 2024. Data that has been gathered suggests that around 50% of houses in the UK increased in value by at least 1% in the 6 months of 2024. 

This is the largest number since December 2022. Additionally, approximately a third of UK property values rise by £5,000. Which is double the number of properties that experienced this increase in 2023.

However, the data also reveals that some regions are recovering more slowly from challenging conditions. With 6.7 million UK homes falling in value by at least 1% in 2024. Despite this, there is overall growth in the UK market, as 14 million homes had decreased in value by the end of 2023.

Based on Zoopla’s data, property prices are expected to increase by an average of 1.5% by the end of 2024. The data also suggest that the north-south divide will continue to grow, with the northern regions witnessing better price growth. 

North West is Experiencing The Most Homes Growing in Value

According to Zoopla, there is a visible north-south divide when assessing changes in property prices across the UK, finding that fewer homes in the south are gaining value. Likely due to the already high average property price, and the weakening demand.

Property prices are rising at the fastest rate in the north of England. With half of homes increasing by £1000 – £10,000 in value in the first half of 2024, and 14% (around 1 million) of houses have increased by over £10,000.

The data also shows a trend within the type of properties increasing in value. Due to the current high mortgage rates and value-for-money, houses are a popular choice over commercial property. Properties valued under £150,000 are seeing the highest value growth, at over a 5% increase.