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Average UK house price drops to £282,000, down £2,000 from 2023

Posted on March 22, 2024 |

London house prices dropped by 3.9% in the year leading up to January 2024, averaging £517,726.

Despite this annual decrease, there was a monthly rise of 2.5%, indicating market stabilization.

Across the UK, the average house price fell by 0.6% to £282,000, down £2,000 from the previous year.

England saw average house prices decrease to £299,000 (down by 1.5%), while Wales experienced a decline to £213,000 (a drop of 0.8%).

Conversely, Scotland saw an increase to £190,000 (up by 4.8%), and Northern Ireland's average house prices rose by 1.4% to £178,000.

The North West of England had the highest annual house price inflation at 1.0%.

London had the lowest house price annual inflation among English regions, with prices falling by 3.9%.

Private rents across the UK increased by 9% in the year leading to February 2024, with the average private rent in Britain reaching £1,238, up by £102 from the previous year.

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