UK house prices have risen by 5.4 per cent compared to last year, with the average property in the UK now being valued at £268,000, according to the latest Office for National Statistics data.
In England, prices climbed 5.3 per cent, bringing the average to £291,640. In Wales, the annual rise was 4.1 per cent, with homes now averaging £207,382.
Scotland saw a 5.7 per cent increase, reaching £185,870. Meanwhile, in Northern Ireland, house values went up by nine per cent over the year to the end of Q4 2024, with the average home now priced at £183,259.
The North West of England emerged as the standout performer in England, with the highest annual price growth of eight per cent, pushing average values to £212,000.
House price changes
Performance by region in England
・East Midlands: Average house price: £241,000 – Annual increase of six per cent
・East of England: Average house price: £338,000 – Annual increase of 4.2 per cent
・London: Average house price: £556,000 – Annual increase of 1.7 per cent
・North East: Average house price: £160,000 – Annual increase of 7.9 per cent
・North West: Average house price: £212,000 – Annual increase of eight per cent
・South East: Average house price: £385,000 – Annual increase of 4.6 per cent
・South West: Average house price: £308,000 – Annual increase of 3.9 per cent
・West Midlands: Average house price: £247,000 – Annual increase of six per cent
・Yorkshire and the Humber: Average house price: £205,000 – Annual increase of 7.5 per cent
Senior UK economist for Pantheon Macroeconomics Elliott Jordan-Doak said: “Official house prices will be boosted for at least another two months by the flurry of activity ahead of the stamp duty changes. But there is genuine strength in the housing market.
President of property search portal OnTheMarket Jason Tebb added: “Affordability remains a challenge, but with a number of lenders reducing their mortgage pricing over the past few weeks, this may continue to ease if swap rates decline and other lenders follow suit. Cheaper mortgage rates would certainly help boost activity and transactions, which are of benefit not just to the housing market but the wider economy.”
