Uk House Price Index For March 2024

23rd May 2024

UK house prices rose by 1.8% in the year to March 2024, compared with a negative of 0.2% in the 12 months to February 2024. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.7% between February 2024 and March 2024, compared with a decrease of 1.2% during the same period a year earlier (February and March 2023).

The UK Property Transactions Statistics showed that in March 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 84,000. This is 6.5% lower than a year ago (March 2023). Between February 2024 and March 2024, UK transactions increased by 1.4% on a seasonally adjusted basis.

House price monthly increase was highest in Yorkshire and the Humber where prices increased by 2.2% in the year to March 2024. The highest annual growth was also in the Yorkshire and the Humber, where prices increased by 5% in the year to March 2024.

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.