Zoopla House Price Index: August 2024

House prices rise across the UK as London veers into positive territory. But homeowners looking to sell must be wary of overpricing.

The average house price in the UK is £266,400 as of July 2024 (published in August 2024).

Property prices are now at 0.5% inflation compared to a year ago. However, the average UK house price is set to rise by 2.5% by the end of the year.

Key figures

Average house price in May 2024

Average house price in June 2024

Average house price in July 2024

Year-on-year change (£)

Year-on-year change (%)

All property

£265,400

£265,600

£266,400

+£1,200

+0.5%

Detached houses

£447,400

£449,000

£450,100

-£2,040

-0.5%

Flats

£191,000

£191,700

£191,900

-£370

-0.2%

Semi-detached houses

£270,100

£271,200

£272,100

+£1,840

+0.7%

Terraced houses

£233,500

£234,300

£235,200

+£2,520

+1.1%

Housing market activity stronger than last year

All key measures of sales market activity are higher than they were in 2023. This has largely been supported by economic growth and rising consumer confidence.

Buyer demand for homes is a fifth higher than this time last year. Additionally, new sales agreed are almost a quarter higher, building on the increased momentum in sales from earlier in the year. Mortgage rates have fallen to an average of 4.5% for a 5-year fixed rate at 75% loan-to-value.

Sellers continue to bring homes to market at an above-average rate. Many of these sellers are also buyers, which explains why the number of sales agreed continues to increase.

The stock of homes for sale continues to increase and now stands at a 7-year high of 33 homes per agent, giving buyers even more choice. A higher supply of homes will keep headline price inflation in check over 2024 and into 2025. Serious sellers must price realistically to agree a sale within a reasonable time.

No material impact from August base rate cut

The long-awaited cut in the base rate in August was welcome news for the wider economy and consumer sentiment, but it has had no material impact on levels of buyer demand compared to the underlying trend over recent weeks.

The real reason buyer demand for homes is 20% higher than last year is down to a fall in demand over summer 2023, which was in response to the spike in mortgage rates.

EAN Breaking News

Breaking News from the team at Estate Agent Networking. Have a new story to share with us? Then please get in contact today! When and where we can we will refer to third party websites with a 'live link back' where news was released first.

You May Also Enjoy

Software & Tech

The Evolving Nature of Real Estate and Strategies for Agency Success

Real estate agents are used to working with fluid market dynamics. Adapting their sales strategies and responding to new industry demands is almost second nature to most agencies today. However, while making the necessary adjustments when following housing market trends is important, it’s also important for agencies to consider new business innovations that become available…
Read More
US Flag
Overseas Property

Montana Real Estate: A Comprehensive Guide for Buyers and Investors

Montana’s stunning landscapes, abundant wildlife, and peaceful lifestyle have long attracted nature lovers, adventurers, and those seeking respite from the hustle and bustle of city life. In recent years, the state has also become an attractive destination for real estate buyers and investors. From the vast open plains and rugged mountain ranges to bustling cities…
Read More
Home and Living

Top 5 pitfalls to avoid when remortgaging your home

Remortgaging your home is more or less the same process as getting the mortgage when you first bought the property; however, it’s important to bear in mind that your circumstances may have changed. For example, you may have moved job – or even become self-employed, or had a family, and both can impact what you…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker 13/11/24

The current average asking price of a typical first-time buyer property is £227,570. For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,087 per month if repaying over 25 years, compared with £1,187 per month a year ago (when the average first-time buyer property asking price was…
Read More
Love or Hate Rightmove
Breaking News

Renters seek fixer-uppers, with over £40,000 cheaper price tag

A consumer survey from Rightmove of over 34,000 home-movers has revealed that 68% of renters are eager to take on fixer-uppers to help get on the housing ladder, compared to 54% of home-owners A study of available fixer-upper properties on Rightmove reveals that homes in need of renovation are 12%, or £44,634 cheaper than the…
Read More
Breaking News

Breaking Property News 11/11/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Navigating new legislation in the Lettings sector Paul Starkey, technology and property industry veteran and also advisor for Symple, gives his take on how to better monetise lettings operations. ‘During a housing crisis, the last thing the UK needs is a subsequent catastrophe in…
Read More