UK housing market update – June 2024

The latest trends in the UK housing market: June 2024 overview

Written in line with our editorial policy.

If you’re a homeowner aged 55+ then your property is likely to be your biggest asset, so staying informed of the current trends in the UK housing market is important. 

As we move through 2024, several key trends and developments are shaping the housing landscape, impacting the financial decisions of homeowners and buyers. Here, we explore the latest trends for the UK’s housing market.

House prices averaging £281,000

Despite persistently high mortgage rates tempering hopes for a significant market uplift, house prices across the UK have experienced a slight rise in 2024. 

According to the latest data from the Land Registry, the average UK home sold for £281,373 in April, up from £280,427 in March. Although moving in the right direction, it’s still a little way off the all-time high of £288,901 seen in September 2022.

The higher property prices will no doubt be welcome news for older UK homeowners currently considering downsizing, selling up, remortgaging or arranging equity release.

How have UK house prices been performing over the last year?

The table below shows the latest data from the Land Registry over the last year. It is typically considered the most reliable measure of house prices across the UK as it uses the prices that properties were sold for in each calendar month.

The figures above show that average UK house prices have increased by 1.1% in the 12 months between April 2023 – April 2024, rising from £278,252 to £281,373. 

Over the last year average UK house prices were at their highest in August 2023 when they reached £285,277. Sellers will hope that prices will rise back to the levels enjoyed last summer in the coming months.

How have regional house prices been performing?

Despite recent market fluctuations, properties across the UK have soared in value over the last decade. This phenomenon is particularly evident in cities like Manchester, Bristol and Belfast, where property values have boomed over the last ten years.

The table below shows how average property prices have risen across the UK in the last decade.

Source: Land Registry data for April 2014 vs April 2024

As the table above demonstrates, even in Bristol where the average house price has risen by a modest 19%, the average home still has more than £150,000 more equity in it today than it did ten years ago. 

That’s a huge boost to a person’s retirement income should they wish to downsize or access some of their property wealth in another way, such as equity release.

June saw 8% year-on-year increase in property sales

According to property selling site Zoopla, the UK’s sales market momentum continued to increase in June, but at a slower pace than was seen in the previous 2–3 months. 

In Zoopla’s June 2024 House Prince Index, it reported that the number of new sales agreements was  8% higher than a year ago. The overall number of homes for sale continues to grow in all regions according to the report, though at a slower rate than in recent months. There are still nearly 20% more homes on the market compared to a year ago. 

So do Zoopla offer any predictions for the rest of this year? They say: “We see no evidence that price rises will pick up speed in the coming months. However, UK house prices are on track to be 1.5% higher at the end of 2024.”

About Clare Yates. With over a decade’s experience writing about later life financial planning, Clare offers a wealth of knowledge about equity release, pension annuities, wills, LPAs and more. When she isn’t writing, Clare likes to spend her time baking and going on walks with her husband, two children and their rescue dog. Follow Clare on LinkedIn