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UK home costs rise as market rebounds in 2024
(MENAFN) House costs in the UK increased by nearly 2 percent in the year to November 2024, marking a return to growth for the property market, according to Zoopla's latest house price index.
The average UK house price reached £267,500 (USD335,225) in November, up 1.9 percent from the previous year. This growth coincided with a surge in housing market activity, as the sales pipeline saw a 30 percent year-on-year increase throughout 2024.
Zoopla predicts house prices will rise by 2.5 percent in 2025, alongside a continued increase in transaction volumes, building on the recovery from the slight downturn in 2023.
“Buyers and sellers returned to the housing market in 2024 having delayed moves in the face of higher mortgage rates,” said Richard Donnell, Zoopla’s executive director. “There is a sizable pipeline of sales that will complete in the first half of 2025, with many hoping to avoid higher stamp duty costs from next April.”
The outlook suggests sustained growth as confidence returns to the UK property market.
The average UK house price reached £267,500 (USD335,225) in November, up 1.9 percent from the previous year. This growth coincided with a surge in housing market activity, as the sales pipeline saw a 30 percent year-on-year increase throughout 2024.
Zoopla predicts house prices will rise by 2.5 percent in 2025, alongside a continued increase in transaction volumes, building on the recovery from the slight downturn in 2023.
“Buyers and sellers returned to the housing market in 2024 having delayed moves in the face of higher mortgage rates,” said Richard Donnell, Zoopla’s executive director. “There is a sizable pipeline of sales that will complete in the first half of 2025, with many hoping to avoid higher stamp duty costs from next April.”
The outlook suggests sustained growth as confidence returns to the UK property market.
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