UK House Price Statistics 2024

In 1980, the average UK property would set you back about £20,000. By 1990, this had almost tripled to £58,000. As of February 2024, UK house prices averaged £280,660, more than 14 times their typical value in 1980. This is an increase of 0.4% on the previous month, but a decrease of 0.2% from 12 months prior (provisional estimate).

Our research collates the most recent UK house price statistics for 2024, alongside our own unique data, to show how the market is changing for those looking to buy a property in the UK. By analysing past and present trends, we have outlined how the market has evolved, and suggest what the future has in store for prospective and current UK mortgage owners. 

UK housing market statistics 2024

According to Property Mark, the number of UK homes for sale increased by around 6% between January and February 2024, from an average of 34 to 36 per member branch, respectively.

In February 2024, the number of new applicants registered per member branch was 89, down 8.25% from 97 in January. However, this is down from the previous 12 months’ peak of 122 in July 2023.

In terms of pricing, 80% of property sales in February 2024 were sold below the asking price. This is a rise following the new year, when this figure was around 72%.

The number of properties selling for below asking price has risen significantly over the past two years, from 20% in February 2022, suggesting power is increasingly in the hands of the buyer.

House Price Index (HPI) and number of UK property sales 

Between 2018 and 2023, the monthly sales volume for UK properties fluctuated, reaching a low of 28,000 in April 2020. Around 48,642 properties were sold in October 2023, substantially below the all-time peak in June 2021, when property sales reached an excess of 165,000. 

During this time, the House Price Index (HPI) of UK properties steadily grew, from almost 118 in January 2018 to more than 153 in May 2022. As of October 2023, the HPI stood at 150.8.

The latest data indicates that the monthly sales volume for UK properties in October 2023 was 48,642, down from 82,611 in October 2022, a decrease of more than two-fifths (41.12%) in 12 months.

A breakdown of the House Price Index (HPI) and number of sales for UK properties between 2018 and 2023

The March 2024 RICS Residential Survey results are indicative of continued improvement in the UK property sales market. At the headline level, UK house prices have stabilised, with predictive metrics suggesting an increase may appear later in the year. Focusing on new-buyer enquiries, the headline net balance figure stood at +8% in March 2024 – the third consecutive month where this figure has been above zero. This is the most positive return in demand since February 2022.

Agreed sales have failed to see the same improvements as house prices and demand. In March 2024, the net balance of agreed sales was down -5%.

UK average house prices 2024

As of February 2024, the average UK property stood at £280,660, which is around £3,000 lower than January 2023.

UK average house prices over time 

Since January 2006, average UK house prices have fluctuated somewhat in terms of their 12-month percentage change. Generally, this has been a positive change, reflecting a rise in house prices, year-on-year (YoY). However, between June 2008 and October 2009, there was a period of negative growth, reaching as low as -15.6% in February 2009. After this point, there was a rapid increase, up to +9.1% in April 2010. 

A breakdown of the 12-month percentage change in UK house prices between 2007 and 2023

After a relatively brief, but low, spell of negative growth between January 2011 and April 2012, the 12-month percentage change in UK house prices rose and fell, reaching a high of +9.4% in October 2014, and down to a low of +0.7% in April 2020.

After the COVID-19 pandemic, the annual percentage change in the UK average house price increased sharply, with some significant fluctuations (the most extreme being +14% in June 2022). The rise in house prices slowed significantly in 2023, with the annual percentage change for June 2023 standing at +1.7%.

Since June 2023, the annual percentage change has undergone a period of negative growth, from -0.6% in July 2023, to -1.4% in December of 2023. November 2023 reached a low of -2.3%.

UK house prices by different countries of the UK

As of December 2023, the most expensive house prices in the UK could be found in England, averaging at almost £302,164. This is followed by Wales at £213,816 – more than £88,000 cheaper than England for the average property price. Average house prices in Scotland stood at £190,341, with Northern Ireland's average costs remaining the lowest in the UK at £177,611. 

A breakdown of UK house prices for different countries of the UK between 2005 and 2024

Over time, England has generally remained the most expensive country in the UK to buy a house. The exception to this was between January 2007 to April 2008, when house prices in Northern Ireland exceeded those of England – in some cases by as much as £30,000 – with the country in the midst of a house price boom.

In January 2005, the average Scottish house would set you back almost £94,000, making it the cheapest part of the UK to make a property purchase at the time. Fast-forward to June 2023, and house prices in Scotland increased by more than 100% over an 18-year period – the most for all four UK nations. 

By contrast, English properties increased by almost 93% in the same period, with +74% for Welsh housing, and +55% for those in Northern Ireland.  

A breakdown of annual changes to UK house prices 2022-24  

During 2022, the annual change to UK house prices experienced a high degree of fluctuation. All four UK nations registered positive growth in average property prices during this period, ranging from almost 6% in England to more than 16% in Wales. 

As of December 2022, the UK’s annual change to house prices stood at +9.78%, following three months of decline from 12.02% in October 2022. 

This fluctuation continued through 2023, though not as drastically. In the Spring, the percentage price change of houses in Wales sharply decreased from 4.4% in March to 0.3% in April. Similarly, Scotland’s decreased from 1.3% in May to -1.6% in June. The biggest change in England occurred between February and March, decreasing from 4.7% to 2.7%.

In Northern Ireland, changes to the annual house price change were staggered in three month intervals. From January to March 2023 and October to December 2023 the yearly change more than halved from 4.8% to 1.4%, and has remained steady since. 

In January 2023, the annual change to house prices in the UK was +5%, and this dropped to -1.3% in January 2024. However, it has since risen slightly to -0.2% in February. 

Between January and February 2024, the percentage change in UK house prices increased across all nations, except Northern Ireland: 

• From -2.2% to -1.1% in England 

• From -2.3% to -1.2% in Wales

• From 4.2% to 5.6% in Scotland.

Meanwhile, the percentage change remained the same in Northern Ireland (1.4%).

UK house price statistics by region (2024) 

As of February 2024, the average house price in England stood at £297,735, making it the most expensive UK nation to purchase a property. Despite a 0.6% rise from the previous month, the annual change to house prices in England has decreased by 1.1% on average since February 2023.

By contrast, Northern Ireland had the most affordable houses, on average, in Q4 2023, with a typical property costing just over £177,600 – more than £120,000 less compared to the average property price in England. 

Scottish house prices have increased the most in the past 12 months, rising by 5.6% to an average of just over £187,800.

In terms of the UK as a whole, all types of mortgage recorded annual price rises over this period.

A breakdown of average UK house price statistics by region (2024)

UK house price statistics by region show the North East had the most affordable houses, on average, in February 2024. A typical property here would set you back around £160,406 – more than £340,000 less than the average house in London. 

Incidentally, London saw the greatest decline in property prices across all UK regions between 2023-24, with the average house costing 4.8% less in February 2024 compared to 12 months earlier. 

In terms of the largest monthly decrease, the West Midlands saw a greater drop in average house prices than London since January 2024. A 1.2% drop between January and February 2024 means a typical property in the region will set you back just over £240,000. 

How much have house prices changed across England?

Only the North East and the West Midlands saw an annual increase in average house prices in the year to December 2023. While property in the West Midlands increased by just 0.3%, houses in the North West increased by 1.2%.

A breakdown of the annual house price percentage change, by English region, in the 12 months to December 2023

(Source: HM Land Registry and ONS)

London experienced the greatest negative annual growth rate in 2023, where property prices fell -4.8% compared to December 2022. Despite this, London remains the most expensive area of the country for property purchases. As of December 2023, the average house in the capital cost over £508,037. 

Back in 2005, a typical London property would have set you back around £232,000 – just £16,000 less than the average property now in the East Midlands. Since then, the average London property has increased by 118.98% – more than any other UK region. 

A breakdown of average house price by region in England between 2005 and 2023

Despite being only one of two regions to undergo an annual increase in average house prices in the year to December 2023, the North East has experienced the smallest rise in average house prices since 2004, increasing by just over two-fifths (41.34%) within two decades.

The North East remains the most affordable region of England to buy a house (around £158,000 for a typical property). This is almost £50,000 cheaper than Yorkshire and the Humber – the next most affordable area. However, by this point, London property prices are more than triple (222.45%) those in the North East.

Average UK house price by property type 2024 

As of February 2024, the average UK property price stood at £280,660. This is a decrease of 0.2% on the previous year.

Detached houses were the most expensive type of UK property in February 2024, averaging around £435,398. This was a 0.45% increase from 12 months earlier when the respective figure was £433,435.

A breakdown of average UK house price statistics by type of property 2023-24

Semi-detached properties have also increased in price over the 12 months to February 2024. A typical semi-detached home now costs £274,252, up from £272,358 on average in 2023.

By contrast, flats and maisonettes were the most affordable properties, on average, in February 2024. A typical flat/maisonette would set you back almost £227,188 at the beginning of 2024, compared to £229,572 12 months earlier. This decrease of 1.04% was equivalent to a drop of nearly £2,400.

Terraced properties also dropped in price in the year to February 2024. A decrease of 1.01%, the typical terraced home will now cost you £229,443, from £231,778 in February 2023.

A breakdown of average UK property prices between 2018 and 2024 by property type 

Between 2018 and 2024, all UK house prices have followed a similar trend – slow and steady growth up until June 2021, with a short spike and fall, followed by a gradual increase until September 2022. Over the last year and a half, house prices have gradually fallen and risen.

Over these seven years, average UK house prices rose by almost a quarter (24.67%) for all property types. As of February 2024, the average price of a detached house in the UK was £435,398 (27.44% more than in February 2018), and £274,252 for a semi-detached property (29.86% more than in February 2018).

UK flats and maisonettes were marginally cheaper than terraced housing in February 2024, with average prices of £227,188 and £229,443, respectively. This is a rise of 26.81% for the average terraced house in the UK, and 11.07% for the average flat/maisonette, since February 2018.  

A breakdown of the monthly percentage price change across various property types over the six months to February 2024

(Source: UK Land Registry)

The monthly percentage change across all UK properties generally fluctuated between -0.8% and +0.4% throughout 2023. This represents a low of -0.8% in January 2024, and a high of +0.4% in February 2024. 

Terraced houses saw the biggest percentage change in all properties (-1.1% in January 2024), followed by +0.9% for detached properties (December 2023), and -0.8% for flats and maisonettes (January 2024).

A breakdown of the yearly percentage change to house prices of various property types over the six months to February 2024

(Source: HM Land Registry)

In terms of yearly percentage change by property type, terraced houses saw the largest drop in November 2023, by -2.8%. This is followed closely by -2.7% also for terraced properties in December 2023, and -2.6% for flats and maisonettes in September 2023 and January 2024.

UK average house price by type of buyer 2023

As of October 2023, the average price of a UK new build property stood at £311,319. This represented a 1% increase on the previous month (£308,233), and an annual increase of 8.6% (£286,674).

By contrast, the average price of an existing resold property was £215,190. Existing resold properties saw a 0.37% decrease between September and October 2023 (£215,993), and a 1.69% drop over the previous 12 months (£218,900). 

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A breakdown of UK average property prices by property status and type of buyer 2023

According to first-time buyer statistics, the average price of a first-time buyer property in the UK was almost £196,117, as of December 2023. This represented a rise of 0.68% on November 2023 prices (£194,798), yet a 0.93% decrease over the year (£197,955).

Conversely, the average price of a former owner-occupier property was over £78,500 more by comparison, at £274,672. However, this represented a drop of 0.43% from November 2023 figures (£275,857), and a 0.82% decrease from December 2022 (£276,956).

Which UK region has the lowest average house prices?

The North East has the lowest average house prices, costing £161,034.

UK housing purchase affordability statistics 

In 2023, the average home sold in England cost the equivalent of 8.3 times the average earnings for a full-time employee, compared to 6.1 times for those in Wales. The figure for England is statistically significant in its decrease from 8.5 times average earnings in 2022, while the drop from 6.4 to 6.1 times for Wales is not statistically significant.

Since 1997, housing affordability in England and Wales has worsened in every local authority (LA), especially in London and the South East. Back then, almost nine in 10 (89%) LAs had an affordability ratio of less than five times the average workers’ earnings, compared to just 7% (23 LAs) in 2023.

However, since 2022, housing affordability has improved in 237 (75%) of the 330 LAs in England and Wales, worsened in 77 (24%), and stayed unchanged in the remaining 1%.

As of 2023, the most affordable area in London was less affordable than the least affordable part of the North East. Meanwhile, the affordability ratio of lower earners to more affordable housing was better than the ratio for median earners to median priced properties (7.2 vs 8.3, respectively). 

Across England and Wales in 2022:

• Lower earners took home £24,300 a year (compared with a median of £33,100)

• A lower quartile property (valued at £175,000) was the equivalent of 7.2 years of lower earnings 

• This means the affordability ratio of England and Wales has more than doubled since 1997, when it stood at 3.5

A median house (valued at £270,000) was the equivalent of 11.1 years of lower earnings.  

UK house price statistics by local authority 2023

Based on UK regional house price statistics, Burnley was the most affordable local authority in England and Wales as of September 2023, with the average property costing just under £105,000. This represents a decrease of 8.7% from June 2023, when the average price stood at £115,000

A breakdown of house price statistics by most affordable local authority 2023

(Source: ONS)

Hyndburn, in the North West, was the second-most affordable local authority in the country in September 2023, with an average house price of £122,000 – a figure 5.77% less than in June 2023 (£129,475).

Blaenau Gwent is the highest-placed Welsh local authority for house price affordability, with the average property costing £130,000 in September 2023. 

UK house price statistics by local authority and property type sold 

In terms of UK house price statistics by property type, Kingston upon Hull has the most affordable detached housing, on average, compared to other local authorities in England and Wales. 

As of September 2023, a typical detached house in Kingston upon Hull would set you back almost £240,000 – a 3.76% decrease on June 2023 prices, when the corresponding average stood at £246,000. The September figure brings Kingston upon Hull back to the March 2023 average.

A breakdown of UK house price statistics by local authority for most affordable detached houses 2023

(Source: ONS) Denbighshire, Wales, was the second most affordable local authority for detached housing in September 2023, with a typical property costing £245,000 (an 8.07% drop since June 2023). 

A breakdown of UK house price statistics by local authority for most affordable semi-detached houses 2023

(Source: ONS)

In terms of UK house price statistics by property type, County Durham ranks as the cheapest place (on average) to purchase a semi-detached house (£135,000). This figure has remained stable since December 2022.

Hartlepool, in the North East, is the second most affordable part of the country for buying a semi-detached house, at an average price of £148,000 since June 2023.

Neath Port Talbot is the only Welsh representative in the top 10 most affordable councils for buying a semi-detached house. A typical semi-detached house here in September 2023 cost £155,000 (-2.21% compared to June 2023). 

A breakdown of UK house price statistics by local authority for most affordable terraced houses 2023

(Source: ONS)

Since September 2022, Hartlepool has ranked as the most affordable local authority for terraced house prices in England and Wales. As of September 2023, a typical terraced property would set you back just under £85,000. This was similar to the second and third most affordable areas (Burnley, £84,999, and Middlesbrough, £85,000).

The average price of terraced housing in these councils decreased slightly between June 2023 and September 2023, ranging from -0.03% in Hartlepool to -4.49% in Middlesbrough.

A breakdown of UK house price statistics by local authority for most affordable flats/maisonettes 2023

(Source: ONS)

In terms of house price statistics for flats/maisonettes in March 2023, Blaenau Gwent ranks as the most affordable local authority (£65,000), followed by Middlesbrough (£66,500). A similar property in Stoke-on-Trent, in third position, will cost around £71,000 – a figure that has decreased by 1.39% since June 2023.

Between March 2023 and September 2023, the largest drop in average price of flats and maisonettes was in Hartlepool (-7.27%).

Our mortgage guides section has a range of pages to help prospective buyers including advice on saving for a house deposit.