The average house price in the UK is £267,100 as of August 2024 (published in October 2024).

Property prices are now at 0.7% inflation compared to a year ago. However, the average UK house price is set to rise by 2.5% by the end of the year.

Home buyers are benefitting from the lowest average mortgage rates for 15 months, which is supporting double-digit growth in all key measures of sales market activity. Annual house price inflation is positive, but remains below 1%.

Nationally, home buyer demand is up 26% on this time last year, as more homes are listed for sale and sellers look for somewhere new to buy.

The average mortgage rate for a new 5-year 75% LTV loan is 4.3%, compared to 5.5% a year ago, the lowest since May 2023.

And intense competition among lenders is keeping rates attractive for buyers, especially for those with larger amounts of equity.

The number of sales agreed is now 25% higher than a year ago as households that have held off making moving decisions over the last 2 years return to the market.

Sales are up by over 10% across the UK, and more than 30% across the East Midlands and North East.