UK House Price Index for November 2024

15th January 2025

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

UK house prices rose by 3.3% in the year to November 2024, up from the revised estimate of 3% in the 12 months to October 2024. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.4% between October 2024 and November 2024, compared with a decease 0.7% from the same period 12 months ago (October and November 2023).

The UK Property Transactions Statistics showed that in November 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 93,000. This is 12.9% higher than a year ago (November 2023). Between October 2024 and November 2024, UK transactions decreased by 7.9% on a seasonally adjusted basis.

House price monthly increase was highest in the North East where prices increased by 1.1% in the year to November 2024. The highest annual growth was in the The North East, where prices increased by 5.9% in the year to November 2024.

Economic statement
Average UK house price annual inflation was 3.3% (provisional estimate) in the 12 months to November 2024, up from the revised estimate of 3.0% in the 12 months to October 2024.

The average UK house price was £290,000 in November 2024 (provisional estimate), which is £10,000 higher than 12 months ago. Average house prices in the 12 months to November 2024 increased in England to £306,000 (3.0%), increased in Wales to £219,000 (3.0%) and increased in Scotland to £195,000 (4.7%). The average house price increased in the year to Q3 (Jul to Sep) 2024 to £191,000 in Northern Ireland (6.2%).

On a non-seasonally adjusted basis, average UK house prices decreased by 0.4% between October 2024 and November 2024 compared with a decrease of 0.7% in the same period 12 months ago. On a seasonally adjusted basis, average house prices in the UK increased by 0.1% between October 2024 and November 2024.

Of English regions, annual house price inflation was highest in the North East, where prices increased by 5.9% in the 12 months to November 2024. London was the English region with the lowest annual inflation, where prices decreased by 0.1% in the 12 months to November 2024. London was the only English region with negative annual inflation in the 12 months to November 2024.

The Royal Institution of Chartered Surveyors' (RICS') November 2024 UK Residential Market Survey reported that metrics on new buyer demand, new instructions and house prices all continuing to register readings in expansionary territory.

The Bank of England’s Agents’ summary of business conditions - 2024 Q3 reported that the recent cut in Bank rate has led to improved sentiment in the secondary housing market. However, this has yet to be reflected in agreed sales or prices.

HMRC’s UK Property Transactions Statistics showed that in November 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 93,000. This is 12.9% higher than 12 months ago (November 2023). Between October 2024 and November 2024, UK transactions decreased by 7.9% on a seasonally adjusted basis.

The Bank of England’s Money and Credit November 2024 release reported that mortgage approvals for house purchases, an indicator of future borrowing, decreased to 65,700 in November 2024.

For more details go to
https://www.gov.uk/government/news/uk-house-price-index-for-november-2024