Your monthly UK housing market update. Including sold and asking prices, RICS surveyor sentiment and predictions for the year ahead.
HM Land Registry – Sold Prices
Sold prices continued climbing at the end of 2024, with annual growth hitting 4.6% in December (up from 3.9% in November). That puts the average UK sold price at £268,000—around £12,000 more than a year ago.
Across the UK, England’s average is now £291,000 (up 4.3%), Wales is at £208,000 (up 3%), and Scotland saw a bigger jump to £189,000 (up 6.9%). Northern Ireland led the way with a hefty 9% rise, bringing the average to £183,000.
Regionally, the North East had the strongest growth (6.7%), while London prices stayed flat. Even with prices rising, demand is still cautious—many buyers are holding off, waiting for the right time to move.
That said, activity has picked up. Around 96,000 properties changed hands in December (18.7% more than the previous year), and mortgage approvals crept up to 66,500, showing confidence is still there.
Rightmove – Asking Prices
Asking prices nudged up by 0.5% in February (about £1,800), bringing the average to £367,994. That’s a smaller rise than usual for this time of year, mainly because buyers face higher costs thanks to upcoming stamp duty changes in March.
First-time buyers in cheaper areas aren’t seeing much impact, but those looking at homes between £500,001 and £625,000 could be hit with an extra £11,250 in tax if they don’t complete before the deadline. No surprise, then, that there’s a rush to get deals over the line. 550,000 sales are currently in progress, 25% more than last year.
In general, the market remains strong. New listings are up 13% compared to last year, buyer enquiries have risen by 8%, and agreed sales are 15% ahead. Applications for a Rightmove Mortgage in Principle shot up 49% in January, suggesting plenty of buyers are gearing up to make a move.
RICS – Chartered Surveyor Sentiment
January was a relatively steady month for the housing market—buyer demand held a net balance of 0%. That’s a major slowdown from August 2024, when demand peaked at +16%. But estate agents and surveyors are still optimistic. Around 10% expect sales to pick up soon and 30% think activity will grow over the year.
More properties came onto the market for the ninth month in a row, with new listings rising again in January (+25%). On average, estate agents had 45 properties per branch, up from 41 last summer. Prices also held firm, with 22% of RICS members reporting price increases. Northern Ireland and the North West saw the biggest jumps, while Yorkshire, the Humber and the South East were more subdued.
Looking ahead, confidence is growing. Over half (52%) of surveyors expect house prices to keep rising over the next year, pointing to continued steady growth in 2025.
Zoopla – Housing Market Outlook
The UK housing market is proving surprisingly resilient, with more people planning to move in 2025 and 2026 than this time last year. A big reason is that earnings have grown by 6% annually, outpacing inflation and making homeownership feel a little more affordable again.
With more homes available, buyers have more choice and more room to negotiate, which is helping keep price growth in check. Zoopla predicts house prices will rise by 2-2.5% this year, with the fastest growth outside southern England.
One thing that could shake things up is the stamp duty changes in April, especially for higher-priced areas. But for now, demand remains strong and mortgage approvals are up. While uncertainty around inflation and interest rates remains, the market is ticking along.
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