The UK’s house price growth charts 2024
Where has topped the UK’s house price growth charts this year?
Estate agents Jukes Estate Agents have dug into the data to reveal which locations were property market winners and losers this year based on their house price growth.
24th December 2024
Jukes Estate Agents Harlow have analysed the latest Gov UK (https://www.gov.uk/) house price figures. They have looked at the rate of house price growth seen since January. The data shows that across the UK as a whole, house prices are up 5.1% so far in 2024.
Regionally the North East tops the table having seen a jump of 7.3% versus 1.4% in London – the region with the lowest rate of growth.
However, when it comes to the house price winners in 2024, it’s one area of Northern Ireland that tops the table. The Northern Irish area of Causeway Coast and Glens has seen the average house price climb by a huge 13.8% since the start of the year alone, the highest rate of growth in the UK.
Oxford ranks second where house prices are up 12.5%, with Blackburn sitting third with a 12.1% increase.
Other areas to make the top 10 include Clackmannanshire (11.5%). Tewkesbury (11.2%). Tower Hamlets (11%).Moray (10.8%). Renfrewshire (10.2%). East Renfrewshire (10%) and Bassetlaw (9.8%).
Where were the poorest performing areas?
When it comes to the property market losers in 2024, London accounts for 50% of the top 10.
The biggest reduction in house prices since the start of this year has been seen across the City of London with a fall of -14.5%.
Kensington and Chelsea has seen the average house price fall by -12.5%, whilst across Westminster property values are down -10%.
Other areas to make the top 10 largest reductions include the Western Isles (-6%). Camden (-4.7%). Gwynedd (-4.5%). the Isle of Wight (-4.4%). South Hams (-4.3%). Hammersmith and Fulham (-3%) and Harlow (-2.55%).
What happened in Harlow?
Harlow property fell by -2.55% in 2024. Harlow is part of the East of England area & that saw property prices fall by -2.3%.
In Harlow, there was a wide spread of differences when property types were looked at.
Terraced property performed the best where prices fell by just 0.9%.
Next was Semi Detached properties. They fell by 1.17%.
Flats were next with a fall of -1.49%.
Detached properties really suffered with a fall of -6.67%.
Why did Harlow do poorly?
Sales & Marketing Director Geoff Flewers said: “Over valuing will always be a factor. Evidence proves time and time again that property that is over priced will take twice as long to sell and will end up selling for (on average) 3.8% lower then the revised asking price.”
He continued: “Taking that into account, Harlow did not come out of 2024 too badly. The big increases of the previous years could not be sustained. Detached properties performed badly as they tend to be the more expensive type & mortgage rates have put these out of reach to some buyers.”
“2025 will be a better year. Firstly, mortgage rates are predicted to fall a fair bit. Secondly, the Bank of England reduce the base interest rate perhaps 3 times over the next 12 months. Finally, this will encourage more buyers into the market.”