House prices in the UK have jumped 2.7 per cent in the 12 months to June 2024.
Some regions increased more than others in the latest ONS House Price Index.
Property prices jumped 2.4 per cent in England, 1.8 per cent in Wales and 4.3 per cent in Scotland, according to the data.
The biggest increase was seen in Northern Ireland, which saw house prices soar 3.6 per cent month-on-month and a whopping 6.4 per cent year-on-year.
The property market looks promising
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UK house price changes
Northern Ireland £185,025 – 6.4%
Yorkshire and The Humber £215,347 – 4.7%
Scotland £192,488 – 4.3%
North East £164,886 – 4.2%
North West £220,441 – 3.7%
West Midlands Region £253,245 – 3.1%
South East £382,522 – 2%
South West £317,259 – 2%
Wales £215,518 – 1.8%
East Midlands £245,232 – 1.6%
East of England £339,440 – 1.2%
London £523,134 – 0.6%
Property experts shared this is great news for UK homeowners and the future of the market.
Director of Benham and Reeves Marc von Grundherr said: “Five consecutive months of positive monthly house price growth demonstrates that the UK property market is very much bouncing back from the period of stagnation caused by higher mortgage rates.
“Buyers are acting with greater confidence and this confidence will only grow all the stronger now that interest rates are starting to fall and so we expect to see a very strong end to the year, both in terms of buyer activity levels and the resulting boost to property values.”
CEO of Yopa Verona Frankish shared a similar sentiment, also adding buyers should take note of the changing market. She said: “Not only are house prices climbing on a monthly basis but we’ve now seen four straight months of positive annual growth and this is an even stronger indicator that the market is on the up.
“Whilst a cut to interest rates is great news for the nation’s homebuyers, it’s those looking to sell who are best advised to act now if they want to capitalise on the increasing level of buyer demand that is set to sweep the market over the coming months.”
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