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
UK sold prices wrapped up autumn on a high, with annual inflation hitting 3.4% in October, up from 2.8% the month before. This puts the average sold price at £292,000—£10,000 more than last year.
Regionally, the North East stole the spotlight with 4.7% annual growth, while London saw a more subdued 0.2% rise. On a monthly basis, prices nudged up by 0.5% between September and October, bouncing back from last year’s 0.5% dip during the same period.
Property transactions are also picking up speed, with 100,000 residential sales completed in October—21% higher than in October 2023. Mortgage approvals climbed too, hitting 68,300 in October, the highest level since August 2022.
With the Bank of England lowering interest rates, confidence in the housing market is growing, though it may take some time to see the full effects.
Rightmove – Asking Prices
Rightmove’s figures show a typical December slowdown, with asking prices dipping 1.7% to an average of £360,197. This seasonal drop is no surprise, as sellers look to attract buyers during the quieter festive period. Yet, activity remains robust: agreed sales are up 22% and buyer inquiries have jumped by 13% compared to last year.
The much-anticipated “Boxing Day bounce” is around the corner. Last year, buyer demand skyrocketed by 273% between Christmas and Boxing Day, leading to a flood of new property listings. First-time-buyer homes, particularly in affordable areas, will likely be top performers again this season.
Looking ahead, Rightmove predicts asking prices could rise by 4% in 2025, especially if mortgage rates continue easing. However, the looming March stamp duty deadline is already stirring the market. Sellers in pricier areas like London (+20% listings) and the South East (+16%) are eager to move fast—suggesting heightened market activity to come.
RICS – Chartered Surveyor Sentiment Survey
The RICS November survey offers a glimpse of cautious optimism. Buyer demand has grown steadily for five months, with a net balance of +12% for new inquiries. Agreed sales are holding firm at +1%, and 19% of surveyors expect sales to increase over the next three months.
House prices are holding their ground too. In November, a net balance of +25% reported price growth, up from +16% in October. This is a remarkable turnaround from July’s -16%. Northern Ireland, the North East, and North West are leading the charge, with price growth even creeping into London.
The supply side is also looking positive, with new listings rising for the fifth month in a row (+17%). However, appraisals suggest a potential slowdown in early 2025. Still, the outlook for the year remains optimistic, with 47% of surveyors predicting price increases over the next 12 months.
Zoopla – Housing Market Outlook
So, what’s in store for 2025? According to Zoopla, the housing market is set for a steady year, with UK house prices expected to climb by 2.5%. Unlike the speculative booms of the past, today’s market is driven by personal milestones—think upsizing, relocating or settling down—rather than pure investment.
Despite ongoing economic uncertainty, Zoopla estimates 1.15 million homes will change hands in 2025, up from 1.1 million in 2024. Mortgage rates, while stabilising, are still a key factor. Buyers are cautious, but demand remains strong, particularly in affordable regions where prices are within reach for more people.
The Autumn Budget, wage growth and job security will influence buying power, especially as cost-of-living pressures continue. But Zoopla’s overall forecast is clear: steady growth, plenty of demand and over a million sales on the horizon for 2025.
Express Index
For a full, comprehensive breakdown of current property market activity. Visit our Express Index here
Are you thinking of putting your home on the market?
We specialise in helping you get more for your property. Quicker, easier and with less stress.
You can call us any time on 0333 016 5458 where we can provide help, guidance and support.
Instant valuation – get a free 32-page instant valuation report here