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

Breaking News

Revealed: the most lucrative shared living postcodes

New research from COHO, the HMO management platform, reveals that the shared living market in England & Wales generates an estimated monthly rental income of £1.4bn. But which postcode areas are creating the most income from shared living? How much are HMOs making in your postcode? Find out here COHO has analysed the estimated number…
Read More
Breaking News

Mortgage approvals continue to climb in June

The latest mortgage approval data from the Bank of England figures show that: – Mortgage approvals on house purchases for June sat at 64,167 up (+1.4%) from 63,288 in May. This signals two consecutive months of growth. Approvals are also up (+5.6%) when compared to the 60,761 seen in June 2024. This growth is positive,…
Read More
bank of england interest rate
Breaking News

Bank of England Money & Credit Report June 2025

Net borrowing of mortgage debt by individuals increased by £3.1 billion to £5.3 billion in June, compared to a £2.8 billion increase to £2.2 billion of net borrowing in May. Net mortgage approvals for house purchases increased by 900, to 64,200 in June. Approvals for remortgaging also increased by 200, to 41,800 in June. This…
Read More
Breaking News

Housing market’s summer surge dampened by soaring stamp duty costs

Housing market activity has surged, with buyer demand up 11 per cent and agreed sales up eight per cent year-on-year, defying typical summer slowdown National house price inflation has slowed to 1.3 per cent, driven by a 12 per cent increase in homes for sale and higher stamp duty costs for many buyers Higher stamp…
Read More
Rightmove logo
Breaking News

Rents reach another new record as tenants pay £400 more than five years ago

The average advertised rent of homes outside of London has risen to another new record this quarter of £1,365 per calendar month (pcm), but the yearly pace of rent growth continues to slow: London rents also reach a 15th consecutive new record of £2,712 pcm this quarter Five years on from the pandemic, new tenants…
Read More
Breaking News

Six UK vineyards where homebuyers avoid the 84% premium

Six affordable UK vineyards where homebuyers avoid the 84% house price premium and toast a better deal The latest research from Yopa has revealed that living close to one of the UK’s top vineyards will set homebuyers back an average of £494,739, 84% more than the current UK average house price. However, there remain a…
Read More