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UK House Prices on Track to Increase 2% by End of 2024

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    Promising Signs Continue in UK Property Market

    According to Zoopla’s latest House Price Index, the housing market is the most balanced it’s been for five years as signs of recovery and growth continue into the second half of the year.

    The average property price in the UK has increased by 0.1% (£310) and stood at £265,600 as of June 2024. House prices have been slowly rising since January, reversing the price falls of last year. This shows a stabilisation in the overall market. However, some regions are registering stronger growth whilst others are still subdued, and there are also differences depending on the type of property investment.

    Given the market’s better-than-expected performance in 2024, Zoopla is now forecasting that UK houses will experience 2% price growth on average by the end of the year.

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      Available Stock and Sales Volumes Both Up 16%

      There have been positive signs of increased activity in the UK property market as more sellers are listing homes for sale and more sales are being agreed upon.

      There are more homes for sale than at any point in the last six years, improving choice for home buyers and supporting an increase in sales volumes. The average estate agent now has 33 homes for sale, 16% up on a year ago.

      Sales agreed are also up by 16% compared to last year. Buyers are also paying a greater proportion of the asking price than June 2024, suggesting a renewed confidence in the market.

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      Liverpool and Manchester are Strongest Performing Cities in England

      When it comes to price performance in the regional markets, the North continues to show more robust growth than the South, according to Zoopla’s report.

      The highest English regional growth in property prices was recorded in the North West, with house prices increasing by 1.5%. This is closely followed by the North East, where average prices rose by 1.3%.

      Southern regions all registered price dips, including London (-0.3%), South West (-0.7%), and South East (-1.0%). The worst performing region was East of England, where prices dropped by -1.2% on average.

      The two top-performing individual cities were Manchester, increasing by 1.8%, and Liverpool, where growth of 1.4% was recorded. This ongoing market trend has given these cities more attention as potentially the best buy-to-let areas.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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        Market & Investment Trends, UK