UK House Prices Rose 4.7% in 2024, Nearing Record Levels

Nationwide reports resilient market growth despite affordability challenges, with volatility expected due to upcoming stamp duty changes.

The average UK house price increased to £269,426 in 2024, marking a 4.7% annual rise but remaining below the August 2022 peak of £273,751.
Northern Ireland led regional growth with a 7.1% increase, while London and East Anglia saw the slowest growth at 2% and 0.5%, respectively.
Terraced houses experienced the largest price rise among property types in 2024, up 4.4%, followed by flats at 4%.
Upcoming changes to stamp duty in April 2025 are predicted to create short-term volatility, with a surge in transactions early in the year followed by a slowdown.
Affordability remains a challenge, as high prices and elevated mortgage rates have made deposits and monthly payments difficult for many buyers.