Property Property News

House prices could climb 1.5% by end of 2024

  • July 3, 2024
  • 2 min read
House prices could climb 1.5% by end of 2024

Zoopla’s House Price Index, which measures the rise and fall of house prices all over the UK, has revealed that house prices have begun to rise across every area of the country over the last quarter. House price inflation is now “no longer in negative territory,” as it now sits at 0% year-on-year. This means that the average price of a house is currently £264,900, which is the same amount as it was a year ago.

Despite this, the south of England has remained in the negative when it comes to annual inflation. However, the gap is now closing. House prices elsewhere in the country have risen.

Momentum from the sales market is continuing throughout the build-up to the election as demand for homes has climbed up 6% on the same period in 2023. The number of agreed sales has also climbed, being up by 8% and Zoopla predicts that 75% of the 1.1 million sales projected for the year have either been completed or “are on their way through the pipeline.”

It calculates that UK house prices are currently 8% “over-valued” being a “hangover” from the sharp price rises that we saw during the pandemic. Zoopla expects this “to have rectified by the end of the year.”

House prices overall are still on track to climb 1.5% over the whole of the year, a sign that the market for housing is “remaining resilient.”

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