UK House Prices: Jan 2024 Market Update

House prices were down in 2023 and, confusingly, are rising and falling simultaneously so far in 2024.

The latest figures from the Land Registry show property values were up 0.5 per cent this January compared with December, but they dropped 0.6 per cent year over year compared to January 2023.

In January 2024, the average house was worth £281,913—around £10,000 lower than the peak of £292,000 in September 2022.

Since reaching a peak, house prices have tumbled rather than trended upwards, but the index shows that the rate at which prices are falling is slowing for the first time since June 2023.

London homes are the most expensive

Property experts and statisticians regard the Land Registry’s UK House Index as the most reliable market measure, derived from property sales data rather than asking prices or mortgage offers.

Regionally, the most expensive property is in London, where the average home is worth £517,726.

The lowest average price in England is £154,948 in the North East, while Scotland has the cheapest average house price in the UK -  £190,328.

UK regional house price data

Here is the Land Registry house price data for January 2024:

Source: Land Registry

Lack of homes for sale

Lower sales volumes hold prices steady in England and Wales as they are running at around half the number in November 2023 than a year earlier.

Here’s the latest data for the number of homes sold:

Source: Land Registry

What the other property experts say

Several property companies publish monthly house price data. The online portal Rightmove has the most recent data, but the figures are based on asking prices rather than final sale prices.

Rightmove’s online rival Zoopla claims some sellers are knocking 5 per cent or more off property prices to secure a deal in some parts of the country.

The time taken to sell is longer. Rightmove reports sellers are taking an average of 71 days to find buyers, compared with 57 days posted in January 2023.

Nationwide and Halifax also publish monthly house price data based on mortgage offers to their customers.

“The decline in borrowing costs appears to have prompted an uptick in the housing market,” said Nationwide’s chief economist Robert Gardner. “Industry data points to a noticeable increase in mortgage applications at the start of the year, while estate agents also reported a rise in new buyer enquiries.”