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UK house prices show 'remarkable resilience' with 4.7% rise in 2024




UK house prices rose by 4.7% year-on-year in December 2024, according to the latest Nationwide house price index (HPI).

Property prices climbed 0.7% month-on-month, following the 1.2% increase in November 2024.

Northern Ireland was the best-performing region for a second consecutive year with a 7.1% annual surge, while East Anglia was the weakest with prices up just 0.5%.

London once again maintained the highest average house price at £525,535 in Q4 2024.

Paresh Raja, CEO at Market Financial Solutions, stated: "On the one hand, a change in government and ongoing economic uncertainty undoubtedly caused challenges for buyers and sellers in 2024.

“On the other hand, two cuts to the base rate by the Bank of England, and expectations that there are more to come in 2025, gave borrowers greater confidence to re-enter the market, boosting buyer demand.

“That the average house price rose by nearly 5% underlines the remarkable resilience of the property market.


"As lenders, we must be on hand to support borrowers and brokers, delivering the right products with speed and flexibility to ensure the market as a whole can flourish in 2025."

Nathan Emerson, CEO at Propertymark, commented: “With a degree of uncertainty still looming regarding borrowing rates and affordability, alongside rises to stamp duty for buyers in England and Northern Ireland commencing from April 2025, many people are extremely keen to move sooner rather than later, defying the usual winter lull normally seen this time of year.

“However, once the dust has settled following the anticipated rush heading towards April, buyers and sellers may reap the rewards of a slower-paced market which may allow opportunities for greater negotiation on price from both buyers and sellers.”

Tomer Aboody, director at MT Finance, said: “We have seen an increase in prices year-on-year, mostly due to the rate cuts which have made affordability easier and, in turn, have brought more buyers and sellers back into the fold.

“With the stamp duty concession ending in March, 2025 as a whole might not be as positive as everyone hopes, but another rate cut early in the year could help ease any pain.”

Jeremy Leaf, north London estate agent and a former RICS residential chairman, added: “Prices have been stronger for cheaper properties and areas but, overall, more choice has prompted a better balance between supply and not just demand but increasingly proceedable demand.

“We expect this pattern of sales progressing slowly to exchange with little or no renegotiation or fall through to continue with first-time buyers desperately trying to take advantage of the stamp duty concession before the beginning of April."

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