UK House Price Index update: September 2024

The UK House Price Index is updated monthly, with November's data reflecting changes that took place across the UK during September. Lots has happened to house prices during the month. So, here are the headlines. 

The big picture 

Prices across the UK have risen about £8,000 over the last year. Over the 12 months since September 2023, there’s been an annual climb of 2.9%, meaning the average price of a home in the UK now sits around £292,000.  

Looking back at the stats from the year, every region in the UK saw a rise, with England recording a 2.5% gain, Wales a more modest 0.4%, and Scotland an impressive 5.7% increase year-on-year. 

The month of September saw a slight drop in prices since August this year, with the average house price having fallen by around 0.3%. The slip brings an end to eight months of rises in a row. Regionally, this pans out as a 0.1% decrease for England, a 2.5% decrease for Wales, and just under a 1% decrease for Scotland.  

Top house price changes per area  

Those in the far north of Shetland have seen the biggest growth, with homes in the Shetland Islands having risen 19% in price over the last year, or around £39,500. Homes in East Renfrewshire also increased 11% over the year, adding over £32,000 to their value. 

Looking at price growth in the month since August, the Cotswolds came out on top. The picturesque region saw an increase of around 4%, or about £19,600 in cash terms. The boost comes after the area saw a 3% decrease over the last 12 months. 

The biggest year on year and month on month decreases were seen in England’s capital. In the year to September, the City of London saw a loss of 21%. Other boroughs Kensington and Chelsea (-12%) and Hammersmith and Fulham (-9%) also saw a dip in house prices. 

A little bump in the road 

Nick Gunga, managing director of Purplebricks Estate Agency said: “This slow down should be seen as little more than a bump in the road.  

“Prices often fluctuate up and down and the overall trajectory is on the incline - mortgage rates are falling and many homes are being put up for sale due to the change in capital gains tax and stamp duty announced in the Budget.  

“It is clear that the Government is keen to impress in the housing market with their own agenda through the Budget, however, homeowners are unlikely to enjoy the downturn in house prices however slight.  

“Many homeowners have finally enjoyed reaping the rewards of a strengthened housing market which will hopefully continue to trend in the right direction.” 

What’s happening to house prices near me? 

Curious about house prices in your area? Have a deep dive into your local neighbourhood with our interactive House Price Index tool. Get the scoop on the average cost of homes near you, as well as a breakdown of how house types are performing, from flats to detached homes. 

And if you’d like to pin down exactly what your home’s worth – whether you’re looking to sell or curious about your next move – you can book a free valuation to be sure.