Close Menu
Invest Intellect
    Facebook X (Twitter) Instagram
    Invest Intellect
    Facebook X (Twitter) Instagram Pinterest
    • Home
    • Commodities
    • Cryptocurrency
    • Fintech
    • Investments
    • Precious Metal
    • Property
    • Stock Market
    Invest Intellect
    Home»Property»Property for sale? One UK country has seen home values rise by nearly 10 per cent
    Property

    Property for sale? One UK country has seen home values rise by nearly 10 per cent

    October 16, 20243 Mins Read


    The UK housing market has shown robust growth in August 2024, with the average property price reaching £293,000, according to the latest ONS House Price Index released today.

    This marks a significant 2.8 per cent annual increase, up from 1.8 per cent in July and some countries in the UK have seen bigger improvements than others.


    The overall monthly price change was even more striking, with a 1.5 per cent rise compared to July 2024. This uptick in prices has been accompanied by positive trends in buyer enquiries, agreed sales, and mortgage approvals, suggesting a stable and potentially strengthening market.

    Regional variations remain notable, with some areas experiencing more substantial growth than others.

    Property for sale signs

    Homes across the country have become more valuable

    PA

    The average UK house price of £293,000 in August 2024 represents an £8,000 increase from the previous year. On a seasonally adjusted basis, prices rose by one per cent between July and August 2024.

    This growth outpaces the same period in 2023 when prices increased by just 0.5 per cent month-on-month.

    The Royal Institution of Chartered Surveyors (RICS) August 2024 UK Residential Market Survey reported positive trends in new buyer enquiries and agreed sales. Most parts of the UK now show either stable or modestly positive house price trends.

    However, Scotland and Northern Ireland stand out, with prices rising more firmly in these regions.

    House price changes by country

    • Northern Ireland: 6.4 per cent increase to £185,000
    • Scotland: 5.4 per cent increase to £200,000
    • Wales: 3.5 per cent increase to £223,000
    • England: 2.3 per cent increase to £310,000

    These figures highlight the diverse nature of the UK property market, with Northern Ireland and Scotland experiencing the most substantial growth. Despite having the lowest percentage increase, England maintains the highest average house price among the four nations.

    Within England, regional variations in house price growth were evident. The North West led the way with a 4.6 per cent increase in the 12 months to August 2024, showcasing the strongest annual house price inflation among English regions.

    In contrast, the South West experienced the lowest annual inflation, with prices rising by just 0.8 per cent over the same period.

    LATEST DEVELOPMENTS

    Estate agent home showing

    There is overall stability in the housing market

    GETTY

    The Bank of England’s Agents’ summary of business conditions for Q2 2024 reported overall stability in the housing market, both in terms of transaction numbers and demand levels.

    The housing market’s positive momentum is further evidenced by an increase in mortgage approvals. According to the Bank of England’s Money and Credit August 2024 release, mortgage approvals for house purchases rose to 64,900 in August, the highest level since August 2022.

    This uptick in approvals, along with the increase in new buyer enquiries and agreed sales reported by RICS, suggests growing confidence in the market.

    HM Revenue & Customs data also showed a 5.4 per cent year-on-year increase in residential property transactions valued at £40,000 or more, reaching 90,000 in August 2024.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Four quick and easy DIY tricks to boost your property value by nearly £30k

    Property

    Property expert reveals the everyday item that could reduce your home’s value by £85,000

    Property

    Criminals funnelling dirty money into UK pushing up London property prices

    Property

    Knights expands property team for Cardiff launch

    Property

    Grand Designs ‘saddest ever property’ finally sells – but owner won’t get a penny

    Property

    Japanese knotweed spreading ‘extensively’ in seaside town water front as locals warn it ‘could devalue property’

    Property
    Leave A Reply Cancel Reply

    Top Picks
    Commodities

    Equinor : met en service sa 1ère centrale solaire au Danemark

    Stock Market

    Mobile phone operators to adopt new technology for SIM registration verification

    Cryptocurrency

    Donald Trump’s US Strategic Crypto Reserve: What it is, how it helps, and its impact on cryptocurrency prices

    Editors Picks

    FirstBank champions inclusive fintech innovation at Canada-Africa summit

    August 11, 2025

    The home features that could ‘add thousands’ to a property’s value

    June 24, 2025

    Le PDG de Super Copper fournit une mise à jour stratégique au milieu des prix records du cuivre

    March 27, 2025

    Not Death Stranding, Hideo Kojima Admits 1 of His Other Games was Even More Confusing to Others

    July 20, 2024
    What's Hot

    The NEW retirement hotspots revealed through experts’ meticulous research. These nine sunny countries offer generous incentives, a high standard of living and English is widely spoken… move over Spain and France!

    August 5, 2025

    Understanding the Impact of the 5-Year Yield on Your Investments

    July 3, 2025

    17 Fintech Apps Created By Women, For Women

    August 6, 2024
    Our Picks

    Transcript : Hyprop Investments Limited – Special Call

    July 3, 2025

    LNG Shipping Costs Soar to 8-Month High Amid Middle East Turmoil

    June 24, 2025

    Budget 2024: What changes in property taxes mean for home buyers

    July 24, 2024
    Weekly Top

    Gold, Silver prices dip this week, but long-term outlook remains bullish

    August 24, 2025

    Dim Sum bonds: Dim Sum bonds: Is there more to them than meets the eye? Understand these bonds because you might hear more about them

    August 24, 2025

    The Motley Fool: Invest in diversified dividends

    August 24, 2025
    Editor's Pick

    Prodigy Gold annonce une offre de droits visant à lever 6,35 millions de dollars australiens

    June 9, 2025

    In the Wake of Fiserv’s New Stablecoin, Mastercard Trumpets Its Digital Initiatives – Digital Transactions

    June 24, 2025

    Report: New energy sector on a roll

    July 19, 2024
    © 2025 Invest Intellect
    • Contact us
    • Privacy Policy
    • Terms and Conditions

    Type above and press Enter to search. Press Esc to cancel.