UK house prices to remain flat in 2024 – But 10 areas will see double-digit rises

UK house prices to remain flat in 2024 – But 10 areas will see double-digit rises

0:04 AM, 3rd May 2024, About 2 weeks ago

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The UK’s housing market is forecast to experience a subdued year in 2024, with average house prices expected to decline slightly by -2.6%, a new analysis reveals.

The firm also says that its analysis shows that since the base rate was held at 5.25% in September 2023, the average house price has fallen at an average rate of -0.3% per month.

And if this trend continues, homeowners could see a potential drop of £7,501, from the current average of £283,428.

However, the firm’s analysis also reveals that there are some pockets which could buck the national trend.

It says there are 10 areas that are on track for significant house price growth exceeding 14% by the year’s end.

‘A settled year for the housing market’

The firm’s chief executive, Jason Ferrando, said: “After such consistent upward growth, followed by a period of stagnation, it looks to be a far more settled year for the housing market, with property values expected to remain largely flat in 2024.

“But as is so often the case, you can’t judge a market by its topline statistics.

“Instead, you have to dive down into the local market data to discover that price performance in certain parts of Britain could be far from flat as we move through the year.”

He added: “For anyone who is looking to invest in property this year, it’s useful to know which parts of the country are bucking the national trend.”

Predicted house price surge

Derbyshire’s Amber Valley district leads the pack with a predicted house price surge of 26.5% by December, followed by Darlington at 23.7%.

Other areas like Torfaen, West Devon, Babergh (Suffolk), Rossendale, North West Leicestershire, Greenwich, Hackney and Chorley are also expected to see price increases exceeding 14%.

The firm‘s research at a regional level show that only two regions will see positive price growth by December.

They are the North West, which has seen average monthly price growth of +0.4% – and this could deliver a 4.3% growth and average price of £330,593.

The North East has also seen prices grow by a monthly average of 0.2% which could see prices increasing by 2.4% to reach an average of £164,235 in December.

Prices in all other regions are predicted to fall, with the West Midlands (-7.8%), London (-6.8%), and Yorkshire and Humber (-6.3%) experiencing the biggest drops.


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