House prices: The UK region where property values have experienced an annual jump of 6.7%

UK house prices climbed 4.6 per cent in the year to December 2024, pushing the average property value to £268,000.

The annual growth marked an increase from November’s revised figure of 3.9 per cent, according to the latest UK House Price Index data released today.

However, on a month-to-month basis, prices saw a slight decline of 0.1 per cent between November and December 2024.

This monthly dip was less severe than the 0.8 per cent decrease recorded during the same period the previous year.

The figures reflect completed housing transactions, which typically take six to eight weeks to reach completion after a purchase is agreed.

Regional variations show the North East leading annual price growth at 6.7 per cent, marking the strongest performance across England.

The East of England recorded the highest monthly increase at 0.6 per cent, matched by the South East, while Yorkshire and the Humber saw the steepest monthly decline at -0.8 per cent.

London’s property market remained flat with 0 per cent annual growth, keeping the average house price in the capital at £549,000. The capital also experienced a 0.3 per cent monthly decrease in December.

Despite the mixed regional picture, eight out of nine English regions recorded positive annual price growth.

Average house prices in England remained stable month-on-month in December, with the annual increase of 4.3 per cent taking typical property values to £291,000.

Property transactions showed strong momentum, with 96,000 residential sales valued at £40,000 or greater in December 2024, up 18.7 per cent from the previous year.

The number of transactions increased by 2.9 per cent between November and December on a seasonally adjusted basis.

Across England, property values varied significantly by region, from £161,000 in the North East to £549,000 in London.

The East of England recorded an average price of £340,000, while the South East stood at £384,000.

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The North West and Yorkshire and the Humber showed more modest average values at £211,000 and £204,000 respectively.

The West Midlands averaged £244,000, while the East Midlands recorded typical prices of £242,000. Meanwhile, the South West maintained an average property value of £306,000.

CEO of Yopa, Verona Frankish, commented: “We saw a second consecutive reduction in the monthly rate of house price growth during December, but this is to be expected given the seasonal slowdown that comes due to the Christmas break.

“The real indicator of market health is the annual rate of growth and, with house prices increasing by 4.6 per cent over the course of last year, the market has performed very well indeed.”