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UK House Prices Experience Steady Growth

Published by Prerana
Posted Date: June 9, 2024 , Modified Date: June 7, 2024

The UK house price index of March 2024 shows a modest growth in house prices. House prices in the UK have risen 0.7% since February 2024. Furthermore, prices have risen 1.8% annually, which marks the average property value in the UK at £283,000.

What is the House Price Index of England?

According to data from March, house prices in England have risen by 0.5% since February 2024. Also, the house prices have risen by 1% annually. So, the average property value in England is £299,000.

Region

Average Price Mar 2024

Annual Change % since Mar 2023

Monthly Change % since Feb 2023

East Midlands

£242,000

1.0

0.3

East of England

£342,000

0.8

0.5

London

£500,000

-3.4

-0.9

North East

£159,000

3.2

-0.4

North West

£217,000

3.8

1.1

South East

£373,000

-1.3

0.3

South West

£316,000

0.5

0.2

West Midlands

£246,000

2.4

1.4

Yorkshire and the Humber

£210,000

5.0

2.2

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Source: gov.uk

Diving into regional data, the regions of Yorkshire and the Humber experienced the most growth, with a monthly increase of 2.2% and an annual price rise of 5%. In contradiction, London was at the lowest with a price fall of 0.9% monthly and 3.4% annually.

What is the House Price Index of Wales?

The house price index for Wales shows modest growth, with a price rise of 0.9% monthly since February 2024. Also, there has been a price rise of 1.3% annually. Due to these figures, the average property value in Wales is £214,000.

Transaction type

Average price Mar 2024

Annual price change % since Mar 2023

Monthly price change % since Feb 2024

Cash

£208,000

1.4

1.0

Mortgage

£217,000

1.2

0.9

First-time buyer

£185,000

1.3

0.8

Former owner occupier

£248,000

1.4

1.0

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Source: gov.uk

One noteworthy status for Wales is the 3.7% annual fall in the prices of existing resold property. However, the price has risen for new builds by 14.8% annually. This shows the varying demand dynamic for different property types in the England and Wales property market.

Conclusion

The UK house market of March 2024 displays modest growth with regional disparities. While the overall prices have risen, the London property market has seen a price fall. In addition, the data shows a massive price rise for newbuilds and a fall for existing resold properties, which one is not likely to miss. So, it is crucial to considering these price indexes while selling or buying a property in the UK.

Prerana
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