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House prices have shot up by £6,000 in the past year, but not every owner is quids in.
While property investors in the North East, Yorkshire, and The Humber celebrate the highest rises (3.8 per cent and 3.7 per cent, respectively), those in London have stood by while values stagnate.
Indeed, while London still has the most expensive homes—averaging £520,747— prices have dropped 0.4 per cent in a year.
According to July’s house price data from the Office for National Statistics (ONS), the capital is the only region in negative territory.
However, property values in the East of England (+0.3 per cent) and the South East (+0.5 per cent) have also underperformed the rest of the UK.
| Region | Average price | Monthly change | Annual change |
| North East | £164,555 | 0.10% | 3.80% |
| Yorkshire and The Humber | £214,918 | -0.50% | 3.70% |
| North West | £219,887 | 0.00% | 2.80% |
| East Midlands | £248,817 | 1.30% | 2.50% |
| West Midlands | £253,707 | 0.00% | 2.20% |
| South West | £320,415 | 0.50% | 1.00% |
| South East | £381,188 | 0.10% | 0.50% |
| East of England | £341,160 | 0.70% | 0.30% |
| London | £520,747 | -0.30% | -0.40% |
| England | £305,879 | 0.20% | 1.60% |
| Wales | £218,184 | 1.10% | 2.00% |
| UK | £290,000 | 0.60% | 2.20% |
Source: ONS
The Royal Institution of Chartered Surveyors (RICS) July 2024 UK Residential Market Survey reported that new buyer enquiries and agreed sales held steady, and the flow of new listings signalled a broadly flat trend. RICS also noted that most English regions exhibited flat or negative net balances for house prices.
Property portal Rightmove released data showing sellers increased asking prices this month - by 0.6 per cent (£2,974) to £370,759.
Agreed sales have been up 27 per cent in the past 12 months as the number of homes for sale by estate agents has reached the highest level for a decade.
Rightmove’s Director of Property Science, Tim Bannister, said: “Despite these strong figures, there are signs that the market is still cautious and price-sensitive. The average property is still taking 60 days to find a buyer, which is three days longer than at this time last year even with better market conditions.
“This suggests that value-conscious buyers are taking their time to find the right home at the right price, leading to a two-speed market. Attractive homes priced accurately are likely to be quickly met with interest from buyers, while overpriced or poorly presented homes may languish on the sidelines.”
Mortgage lenders had a minor disagreement about how the market was moving.
Halifax believes property values have increased by 4.3 per cent in a year, with the average home costing £292,505. In comparison, Nationwide reports a more modest annual increase of 2.3 per cent, taking the price of an average home to £265,376 and points out that prices are 3 per cent below the all-time high recorded in the summer of 2022.