Half of homes increased in value in 2024

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 decline in house prices over 2023. This was largely 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 in 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. However, this was still lower than the 12.8 million homes that saw a decline in house prices in 2023. Just under six million homes experienced broadly static prices over the year, with changes of +/- one per cent.

Lower mortgage rates and rising incomes throughout 2024 have started to improve housing affordability. This has led to more homes in Southern England increasing in value in 2024 compared to 2023, rising from 2.8 million in 2023 to 4.8 million in 2024.