Half of homes increased in value in 2024 by £7,600

Zoopla has revealed that half of the UK’s 30 million homes increased in value in 2024 as house prices returned to growth, following a fall in house prices over 2023 due to weakened buyer demand as a result of higher borrowing costs.

A total of 15 million UK homes increased in value by one per cent or more in 2024, up 42 per cent from the 10.6 million homes that increased in value over 2023. The average increase in value for homes posting price gains was £7,600, with 6.9 million homes recording a price increase of £10,000 or more.

While 2024 saw a broad recovery of house prices, a third (9.2 million homes) still recorded a price decline of one per cent or more, although this was still lower than the 12.8 million homes that saw a decline in house prices in 2023. Just under six million homes saw broadly static prices over the year, changing by +/- one per cent.

Lower mortgage rates and rising incomes over 2024 have started to repair housing affordability, which saw more homes in Southern England increase in value over 2024 compared to 2023, from 2.8 million in 2023 to 4.8 million in 2024.