Many homeowners across the UK will have seen an increase in their property’s value in 2024, with 15 million homes seeing an average rise of £7,600 or more, according to Zoopla.
However, a clear north and south divide emerged; while 62 per cent of properties in the north saw a price increase, only 36 per cent of properties in the south experienced a jump.
Executive Director at Zoopla, Richard Donnell, said: “The housing market returned to growth in 2024 but the pattern of home value changes across Britain is far from uniform.
“There is headroom for prices to increase in markets where housing is affordable compared to incomes which cover many parts of northern England and Scotland.”
The average house increased by over £7,000 in 2024
GETTY
Average price changes by region
North West – properties up by £4,400
- 63 per cent of properties up in value
- 21 per cent of properties down in value
North East – properties up by £4,300
- 68 per cent of properties up in value
- 19 per cent of properties down in value
West Midlands – properties up by £3,900
- 59 per cent of properties up in value
- 22 per cent of properties down in value
Yorkshire & Humberside – properties up by £3,700
- 61 per cent of properties up in value
- 23 per cent of properties down in value
Scotland – properties up by £3,200
- 61 per cent of properties up in value
- 24 per cent of properties down in value
Wales – properties up by £2,300
52 per cent of properties up in value- 29 per cent of properties down in value
East Midlands – properties up by £1,700
- 48 per cent of properties up in value
- 31 per cent of properties down in value
London – properties up by £600
- 40 per cent of properties up in value
- 37 per cent of properties down in value
South West – properties down by £300
- 37 per cent of properties up in value
- 40 per cent of properties down in value
South East – properties down by £900
- 35 per cent of properties up in value
- 41 per cent of properties down in value
East of England – properties down by £1,300
- 33 per cent of properties up in value
- 43 per cent of properties down in value
These figures provide the average percentage for the number of properties in the areas.
Despite properties in the south seeing an average price drop, Zoopla’s findings revealed that housing is far more affordable outside of the south due to lower house prices when compared to incomes.
The North East emerged as one of the most affordable regions and, as a result, seven in 10 homeowners in the region saw the value of their home increase.
The Cheshire area registered the largest value gains, with six in 10 homes in Congleton and Knutsford increasing in value by £10,000 or more.
In Scotland and Yorkshire and the Humber, six in 10 homes also gained value in 2024.
Property prices have increased in the north but decreased in the south
PA
Richard Donnell said: “There is headroom for prices to increase in markets where housing is affordable compared to incomes which cover many parts of Northern England and Scotland.
“In contrast, affordability is more of a constraint on price rises in Southern England where the market continues to adjust to higher borrowing costs. Faster income growth is helping to repair affordability supporting moving decisions in 2025.”
The expert said there is a great amount of momentum in the housing market which has carried over from 2024 to 2025.
Richard said: “We expect more people to move home in 2025 than in 2024 despite uncertainty over the economic outlook and broadly static mortgage rates.”
