House prices rose by 4.7% in 2024

UK house prices rose 4.7% in 2024, ending the year with an average price of £269,426, according to Nationwide. Northern Ireland saw the fastest price growth, with prices up 7.1% over the year. Values also rose faster in northern England than in the south, although all regions saw an increase. Experts predict the number of property sales will increase over the next few months, ahead of the stamp duty changes scheduled for April, before falling away afterwards. Nationwide's chief economist, Robert Gardner, commented: "Mortgage market activity and house prices proved surprisingly resilient in 2024 given the ongoing affordability challenges facing potential buyers." But he also noted that high property prices relative to earnings and record rental growth have made saving for deposits especially challenging for first-time buyers. Expectations of a gradual reduction in interest rates, potentially starting in February, could ease mortgage costs. However, Bank of England governor Andrew Bailey has warned that "the world is too uncertain" to predict precise rate cuts. 

BBC News (02/01/2025)   City AM (02/01/2025)   The Standard (02/01/2025)   The Times (02/01/2025)