HM Land Registry: UK House Price Index for August 2024
HM Land Registry publishes UK House Price Index August 2024, which shows house price changes for England, Scotland, Wales and Northern Ireland.
The August data shows:
-
- on average, house prices have risen 1.5% since July 2024
- there has been an annual price rise of 2.8% which makes the average property in the UK valued at £293,000
England
In England the August data shows, on average, house prices have risen by 1.6% since July 2024. The annual price rise of 2.3% takes the average property value to £310,000.
The regional data for England indicates that:
-
-
- Yorkshire and the Humber experienced the most significant monthly increase with a movement of 2.7%
- The South-West saw the greatest monthly price fall, with a fall of -0.3%
- The North-West experienced the greatest annual price rise, up by 4.6%
- The South-West saw the lowest annual price growth, with a rise of 0.8%
-
Price change by region for England:
|
Region |
Average price Aug 2024 |
Annual change % since Aug 2023 |
Monthly change % since July 2024 |
|
East Midlands |
£250,000 |
2.1 |
1.4 |
|
East of England |
£344,000 |
1.4 |
1 |
|
London |
£531,000 |
1.4 |
2.2 |
|
North-East |
£166,000 |
1.7 |
1.5 |
|
North-West |
£225,000 |
4.6 |
2.4 |
|
South-East |
£385,000 |
1.6 |
1.4 |
|
South-West |
£321,000 |
0.8 |
-0.3 |
|
West Midlands |
£255,000 |
2.6 |
1.1 |
|
Yorkshire and the Humber |
£219,000 |
4.4 |
2.7 |
Repossession sales by volume for England:
The lowest number of repossession sales in June 2024 was in the East of England.
The highest number of repossession sales in June 2024 was in the North-East.
|
Repossession sales |
June 2024 |
|
East Midlands |
12 |
|
East of England |
0 |
|
London |
8 |
|
North-East |
18 |
|
North-West |
6 |
|
South-East |
8 |
|
South-West |
6 |
|
West Midlands |
7 |
|
Yorkshire and the Humber |
7 |
|
England |
72 |
Average price by property type for England:
|
Property type |
Aug 2024 |
Aug 2023 |
Difference % |
|
Detached |
£466,000 |
£463,000 |
0.8 |
|
Semi-detached |
£299,000 |
£290,000 |
3.3 |
|
Terraced |
£258,000 |
£251,000 |
2.5 |
|
Flat/maisonette |
£257,000 |
£251,000 |
2.4 |
|
All |
£310,000 |
£303,000 |
2.3 |
Funding and buyer status for England:
|
Transaction type |
Average price Aug 2024 |
Annual price change % since Aug 2023 |
Monthly price change % since Jul 2024 |
|
Cash |
£290,000 |
1.7 |
1.5 |
|
Mortgage |
£320,000 |
2.6 |
1.6 |
|
First-time buyer |
£260,000 |
3.1 |
2.1 |
|
Former owner/occupier |
£350,000 |
1.5 |
1 |
Building status for England:
|
Building status* |
Average price June 2024 |
Annual price change % since June 2023 |
Monthly price change % since May 2024 |
|
New-build |
£443,000 |
25.9 |
-1.2 |
|
Existing resold property |
£300,000 |
1.1 |
0.4 |
* Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
London
London shows, on average, house prices increased by 2.2% since July 2024. An annual price fall of 1.4% takes the average property value to £531,000.
Average price by property type for London:
|
Property type |
Aug 2024 |
Aug 2023 |
Difference % |
|
Detached |
£1,036,000 |
£1,058,000 |
-2.1 |
|
Semi-detached |
£687,000 |
£677,000 |
1.5 |
|
Terraced |
£580,000 |
£573,000 |
1.1 |
|
Flat/maisonette |
£443,000 |
£434,000 |
2 |
|
All |
£531,000 |
£524,000 |
1.4 |
Funding and buyer status for London:
|
Transaction type |
Average price Aug 2024 |
Annual price change % since Aug 2023 |
Monthly price change % since Jul 2024 |
|
Cash |
£545,000 |
0.6 |
3.2 |
|
Mortgage |
£526,000 |
1.7 |
1.9 |
|
First-time buyer |
£461,000 |
2.3 |
2.8 |
|
Former owner/occupier |
£604,000 |
0 |
1.1 |
Building status for London:
|
Building status* |
Average price June 2024 |
Annual price change % since June 2023 |
Monthly price change % since May 2024 |
|
New-build |
£618,000 |
23 |
0.2 |
|
Existing resold property |
£525,000 |
0 |
1.1 |
* Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
Wales
Wales shows, on average, house prices rose by 2.6% since Jul 2024. An annual price increase of 3.5% takes the average property value to £223,000
There were 9 repossession sales for Wales in Jun 2024.
Average price by property type for Wales:
|
Property type |
Aug 2024 |
Aug 2023 |
Difference % |
|
Detached |
£328,000 |
£323,000 |
1.7 |
|
Semi-detached |
£217,000 |
£208,000 |
4.1 |
|
Terraced |
£177,000 |
£170,000 |
4.2 |
|
Flat/maisonette |
£147,000 |
£140,000 |
4.7 |
|
All |
£223,000 |
£215,000 |
3.5 |
Funding and buyer status for Wales:
|
Transaction type |
Average price Aug 2024 |
Annual price change % since Aug 2023 |
Monthly price change % since Jul 2024 |
|
Cash |
£216,000 |
3.1 |
3.1 |
|
Mortgage |
£227,000 |
3.8 |
2.4 |
|
First-time buyer |
£194,000 |
4.4 |
2.8 |
|
Former owner/occupier |
£256,000 |
2.6 |
2.4 |
Building status for Wales:
|
Building status* |
Average price June 2024 |
Annual price change % since June 2023 |
Monthly price change % since May 2024 |
|
New-build |
£336,000 |
25.7 |
-0.9 |
|
Existing resold property |
£211,000 |
0.9 |
0.6 |
* Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
UK house prices:
UK house prices rose by 2.8% in the year to Aug 2024, up from the revised estimate of 1.8% in the 12 months to July 2024. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.5% between July 2024 and Aug 2024, up 0.5% from the same period 12 months ago (July and Aug 2023).
The UK Property Transactions Statistics showed that in Aug 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 90,000. This is 5.4% higher than a year ago (Aug 2023). Between July 2024 and Aug 2024, UK transactions decreased by 0.4% on a seasonally adjusted basis.
House price monthly increase was highest in Yorkshire & The Humber where prices increased by 2.7% in the year to Aug 2024. The highest annual growth was in the North-West, where prices increased by 4.6% in the year to Aug 2024.
See the economic statement.
The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.
Kindly shared by HM Land Registry
