Weekly Property News Round Up – 23.11.24

Welcome to this week’s edition of Property News Weekly, where we bring you the latest updates shaping the property landscape.

This week, UK house prices show steady growth, with regional variations creating opportunities and challenges for buyers. Meanwhile, predictions for mortgage rates in 2025 hint at a more stable market ahead. Read on to explore the latest trends shaping the property landscape.

If you would like to speak to our experts for some industry insight on these important questions and discover the strategic opportunities this evolving market has to offer, reply to this article today.

Now, let’s have a look at the latest headlines that have caught our eye this week…

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Property News this Week:

UK House Prices Have Risen 3% Over Past Year (ONS)

English dwellings cost around £8,000 more this year than last. The average cost of buying a home in the UK has increased by 2.9% in the 12 months to September 2024, according to the Office for National Statistics. Average house prices currently total around £292,000, with the figures representing slight growth from the previous month’s data of a 2.7% increase in the 12 months to August 2024.

North East Leading The Way with 6.5% House Price Growth

According to today’s UK House Price Index from HM Land Registry, UK average house prices rose 2.9% in the year to September 2024 (compared to a 2.7% rise in August 2024), with the average property in the UK valued at £292,000. The latest regional data also shows there was a significant variation in price rises across the UK, with the North East leading the way with the highest annual growth of 6.5%. London house prices fell in the year to September 2024 by 0.5%.

A Forecast for Mortgage Rates in 2025

Sarah Thompson, Managing Director, Mortgage Scout – part of Leaders Romans Group – makes this prediction. As we enter 2025, the mortgage landscape shows signs of settling into a more stable rhythm, creating a positive outlook for buyers and homeowners alike. Starting in early 2024, we saw interest rates at a peak due to efforts to tame inflation. However, as the year progressed, the market has shown encouraging signs of stability, with the Bank of England carefully managing adjustments to keep things on a steady course.

That concludes this week’s updates. If you have any thoughts or questions about these headlines, feel free to reply—I’d love to chat with you about the latest market trends and discuss your investment goals.

I’ll be back next week with more insights on the property market. Enjoy your weekend!

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Looking for more property investment advice?

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