UK property house price index for July 2024

July 2024: UK House Price Index

Navigating the UK property market requires a keen understanding of regional trends and price dynamics. In this analysis, we delve into recent changes across various parts of the country, examining areas of notable growth, stability, and decline.

By focusing on specific data points and market movements, we provide a comprehensive overview that will help both investors and homebuyers make informed decisions. Whether you’re looking for high-growth investment opportunities, stable markets, or understanding significant market shifts, this article offers valuable insights to guide your property investment strategies.

Table Of Contents

Overall House Price Index

Month Avg Asking Price Avg Sale Price Difference
£373,493 -1.8%
£375,110 -11.4%

The UK housing market has seen fluctuations in both asking and sale prices over recent months. In June 2024, the average asking price for properties was £373,493, while the average sale price settled at £366,840. This represents a modest difference of -1.8%, indicating that buyers were able to negotiate slightly lower prices than the initial asking amounts.

In contrast, May 2024 displayed a more pronounced disparity between asking and sale prices. The average asking price was £375,110, but the average sale price dropped significantly to £332,456. This -11.4% difference highlights a substantial gap, suggesting potential factors such as market volatility, buyer negotiation power, or changes in economic conditions during this period.

These statistics reflect the dynamic nature of the UK property market. The closer alignment between asking and sale prices in June may point to a stabilizing trend, while the larger discrepancy in May could indicate a period of market adjustment. For investors and homebuyers, understanding these patterns is crucial for making informed decisions. Monitoring these indices helps in predicting future trends and identifying the best times for investment or purchasing property.

Staying abreast of the house price index enables stakeholders to gauge market health, anticipate price movements, and strategize accordingly, ensuring optimal investment returns or purchasing deals.

In June 2024, detached home sales constituted 25.9% of the market, with an average price of £507,708. This reflects a slight increase from May 2024, where detached sales made up 25.7% of the market, with an average price of £469,696. The data indicates a rising demand and value for detached properties.

In June 2024, semi-detached homes represented 28.9% of the market, with an average price of £322,182. This is up from May 2024, where semi-detached sales were 28.5% of the market, with an average price of £309,882. The figures indicate a steady increase in both market share and value for semi-detached properties.

In June 2024, terraced home sales accounted for 28.2% of the market, with an average price of £310,438. This marks an increase from May 2024, where terraced sales were 28% and the average price was £270,355. The data suggests a growing preference and rising values for terraced properties.

In June 2024, apartment sales accounted for 17% of the market, with an average price of £321,544. This contrasts with May 2024, where apartment sales were 17.9% of the market, with an average price of £268,438. The data indicates a decrease in market share but a significant rise in average prices for apartments.

Month Avg Sale Price Change

Overall, this month properties in the UK an unexpected hit with a -2.04% drop on sales prices which could be indication that we are not quite out of the woods just yet when it comes to the UK property market slump.

Biggest House Price Index Increase

Month Avg Sale Price Change

Westminster has experienced a remarkable surge in its house price index, leading the way in property value increases. In June 2024, the average sale price in Westminster soared to £1,629,731, marking a staggering 160.49% increase from May 2024, when the average sale price was £625,647.

This unprecedented rise can be attributed to several potential factors. Prime central locations like Westminster often see significant price jumps due to high demand, limited supply, and the prestige associated with living in such areas. The influx of high-net-worth individuals, foreign investors, and professionals seeking proximity to the heart of London likely contributes to this sharp increase.

For property investors, this dramatic rise in Westminster’s property prices underscores the area’s desirability and potential for lucrative returns. High-value properties in prestigious locations tend to be resilient against broader market downturns, offering a degree of security and stability.

Homebuyers looking in Westminster should be aware of the competitive nature of the market. With such significant price increases, securing a property in this area may require swift decision-making and a readiness to navigate bidding wars or premium pricing.

This impressive jump in property values not only highlights Westminster’s strong market performance but also serves as an indicator of broader trends within the luxury segment of the UK property market. Investors and homebuyers alike should consider the implications of such shifts, both for immediate opportunities and long-term strategic planning.

Lowest House Price Index Increase

Month Avg Sale Price Value Change

Derbyshire recorded the lowest house price index increase in June 2024. The average sale price in Derbyshire was £242,845, reflecting a marginal rise of just 0.26% from May 2024, when the average sale price was £242,214.

This modest increase suggests a relatively stable property market in Derbyshire, with minimal fluctuations in house prices over the observed period. For potential buyers, this stability can be seen as an advantage, offering a predictable and less volatile market environment compared to areas experiencing sharp price changes.

Investors might view Derbyshire’s gradual price movement as indicative of steady, long-term growth rather than rapid, speculative gains. The lower price increase could attract those seeking affordable investment opportunities with the potential for incremental value appreciation. Additionally, Derbyshire’s appeal might lie in its balance of affordability and quality of life, attracting families and individuals looking for more space and a slower pace than metropolitan areas.

For homeowners, the slight increase in property values ensures that their investments are maintaining value, even if not experiencing rapid appreciation. This could be appealing to those prioritizing stability and consistency in their property’s value.

Overall, Derbyshire’s minimal house price increase highlights the region’s stability and potential as a steady investment choice. For both investors and homebuyers, understanding the dynamics of such markets is essential for making informed and strategic decisions.

Biggest House Price Index Decrease

Month Avg Sale Price Change

Flintshire experienced the most significant decrease in house prices among UK regions in June 2024. The average sale price plummeted to £219,780, a substantial drop of 36.08% from May 2024, when the average sale price was £343,833.

This dramatic decline may be attributed to various factors, including economic shifts, changes in local demand, or broader market corrections. Such a significant reduction can signal potential challenges within the local property market, potentially stemming from economic uncertainties, decreased buyer interest, or overvaluation corrections from previous periods.

For investors, this sharp decline presents both challenges and opportunities. While it indicates a volatile market, it also opens doors for acquiring properties at significantly reduced prices, potentially leading to high returns if the market stabilizes and recovers. However, investors must carefully assess the underlying causes of this decrease to ensure they are not investing in a declining market without a foreseeable rebound.

Homebuyers in Flintshire might find the current market conditions favorable for purchasing property at lower prices. This decrease offers an opportunity for buyers to enter the market or upgrade their homes with less financial strain. However, potential buyers should be mindful of the market’s volatility and consider long-term value and stability.

Understanding the reasons behind Flintshire’s sharp house price decrease is crucial for making informed decisions. Both investors and homebuyers should conduct thorough market analysis and consider expert advice to navigate the current conditions effectively. This decrease underscores the importance of being aware of market trends and economic factors influencing property values in specific regions.

Lowest House Price Index Decrease

Month Avg Sale Price Change

Gateshead reported the lowest decrease in house prices in June 2024, showcasing a slight drop. The average sale price in Gateshead was £182,339, down by just 0.20% from May 2024, when the average sale price was £182,697.

This minor decrease indicates a relatively stable market in Gateshead, with minimal fluctuations in property values. Such stability can be appealing for both homebuyers and investors looking for predictability in their investments. For homebuyers, this minor dip presents an opportunity to purchase property without significant concern for rapid depreciation. It suggests that the market in Gateshead is maintaining its value, offering confidence in long-term investments.

For investors, Gateshead’s marginal price decrease may imply a lower-risk environment compared to more volatile regions. It highlights the area’s potential for steady, if not spectacular, returns on investment. Investors might find this stability reassuring, particularly those focused on long-term capital appreciation and rental yields. The small decrease could also indicate a potential for future growth, making now an opportune time to invest before any potential upward trends.

Overall, Gateshead’s minimal decrease in house prices reflects its resilience and stability within the broader UK property market. This slight fluctuation provides a sense of security for both homebuyers and investors, suggesting a balanced market with steady demand. Understanding these trends helps stakeholders make informed decisions, leveraging the region’s stability for their property investments.

Conclusion

The UK property market demonstrates significant diversity in house price trends, reflecting varying economic conditions, local demand, and regional desirability.

Westminster stands out with an extraordinary 160.49% increase in house prices, showcasing its enduring appeal and investment potential in the luxury segment of the market. This remarkable rise highlights the premium buyers are willing to pay for prestigious locations, underscoring the area’s robust demand and limited supply.

Conversely, Flintshire experienced the most dramatic decrease, with a 36.08% drop in house prices. This substantial decline serves as a cautionary example of market volatility, emphasizing the importance of understanding underlying economic factors and local market conditions before investing. It also presents potential opportunities for those willing to navigate higher risks for potentially higher rewards.

On the stability front, Derbyshire and Gateshead represent regions with minimal fluctuations in house prices. Derbyshire’s slight increase of 0.26% and Gateshead’s marginal decrease of 0.20% suggest a more balanced and predictable market environment. These areas may appeal to investors and homebuyers seeking steady, long-term growth without the volatility seen in other regions.

Overall, these regional variations underscore the importance of localized market analysis for property investors and homebuyers. Understanding the nuances of each area’s performance allows for strategic decision-making, whether aiming for high returns in rapidly appreciating markets like Westminster, identifying bargain opportunities in areas with significant price drops like Flintshire, or seeking stability in regions like Derbyshire and Gateshead. By closely monitoring these trends and adapting strategies accordingly, stakeholders can better navigate the complexities of the UK property market, optimizing their investments and securing valuable opportunities.

 

 

©2024 - Propertistics: UK Property & Area Demographic Statistics

Powered by TKP Technologies

Propertistics uses data provided by Ordnance Survey. © Crown copyright and database rights 2023 Ordnance Survey. All rights reserved. © Local Government Information House Limited copyright and database rights 2023. This product contains data created and maintained by Scottish Local Government. Other data including school performance and inspection data is supplied subject to the Open Government Licence v1.0 and any later versions currently in effect, via Ofsted, Department for Education, Department for Transport, Office for National Statistics and other central and local government departments. In providing search reports and services we will comply with the Search Code. For full details please read our Terms & Conditions.

Contains public sector information licensed under the Open Government Licence v1.0.

Log in with your credentials

Forgot your details?