UK house prices rose by an average of £10,000 in 2024

In December Property Industry Eye reported that residential property prices in the UK increased by an average of £10,000 in the year to October with the median property costing £292,000, according to figures from the Office for National Statistics, writes Zah Azeem, Partner at Wimbledon based, Chartered Surveyors, Scrivener Tibbatts and a specialist in Professional Property Valuations.

In England, the average price rose by 3% year on year to £309,000, while in Wales it was up by 4% to £222,000. Scotland saw prices increase by 5.5% to £197,000. In Northern Ireland, the average house price rose by 6.2% to £191,000 year on year.

In London, the average property in the capital cost £520,000 in October, down from £531,000 in August.

Nick Leeming, Chairman of Jackson-Stops, said: “The final few weeks of 2024 have provided the market with stable footing for a busier year ahead. While a continued stream of announcements from the government benched around house building and planning permission promise to bring greater supply to the market, sellers continue to hold a slight advantage as we head in to next year.

“Whilst there is an understandable focus on enabling first-time buyers to get onto the property ladder from the industry, attention must also be paid to older homeowners to incentivise downsizing and improve market fluidity. As well as downsizers and first-time buyers, we expect to see more buying decisions being motivated by the strong competition for school catchment areas following wider policy changes.”

If you would like to discuss Red Book Valuations (Inheritance Tax, Capital Gains Tax), Party Wall, Lease Extensions or Freehold valuation issues, please contact me direct via email at zah@scrivenertibbatts.co.uk or call 020 8947 7040.