Average UK house prices have risen marginally this year, increasing 1.4 per cent in 2024.
However, buyer demand is much higher than this time last year and, in turn, property is much more valuable in parts of the UK than in 2023.
The average house price in the UK sits at £266,400 as of July 2024, according to the latest Zoopla House Price Index released today. Buyer demand is also up a fifth year-on-year.
Zoopla said: "New sales agreed are almost a quarter higher, building on the increased momentum in sales from earlier in the year.
House values in Belfast have risen the most
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"Mortgage rates have fallen to an average of 4.5 per cent for a five-year fixed rate at 75 per cent loan-to-value."
Belfast has seen the biggest increases in house prices, with properties rising in value by 5.1 per cent.
While there is higher demand for property, and prices have increased in some parts of the country, this is not the case everywhere.
Aberdeen has seen the largest drops, at 2.5 per cent. This was followed by Portsmouth and Leicester which have also experienced drops in value.
Annual house price change
Belfast - up 5.1%
Manchester - up 2%
Liverpool - up 1.7%
Glasgow - up 1.6%
Cardiff - up 1.3%
Birmingham - up 1.1%
Leeds - up 1%
Sheffield - up 1%
Edinburgh - up 0.8%
Newcastle - up 0.7%
Nottingham - 0.4%
Oxford - up 0.1%
Bristol - down 0.2%
Southampton - down 0.2%
Cambridge - down 0.3%
Bournemouth - down 0.5%
Leicester - down 0.8%
Portsmouth - down 1.1%
Aberdeen - down 2.5%
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Buyer demand has increased
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Executive director at Zoopla Richard Donnell said: “Momentum in the sales market continues to build as mortgage rates drift lower and more and more sellers gain the confidence to list their home for sale.
“Buyers have much greater choice which will support sales numbers, but this will keep prices rises in check.
“Buyers have less purchasing power than two to three years ago and remain price sensitive meaning sellers can’t afford to get ahead of themselves on where to set the right price for their home.
“If you need to cut the asking price by five per cent or more then your home will (typically) take twice as long to sell or may not sell at all.”
