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UK Property Market: North Keeps Outperforming South in Price Growth

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    Stability Continues in UK Property Market

    Zoopla’s latest house price index has revealed new insights about the state of the UK property market in April 2024.

    The data shows that the UK housing market is continuing on a stable trajectory, and there has also been an improvement in market activity, with supply and agreed sales both on the up.

    Zoopla reports that the average house price in the UK is now £264,300 as of April 2024, this is unchanged from the month before, and the annual difference is a decrease of -0.1%, or £210 in cash terms.

    For investors on the lookout for buy-to-let property for sale, there is some good news about available stock on the market and regional trends to look out for when searching for the best areas for buy-to-let.  Why not also learn about buying property through a limited company with our free guide?

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      Northern UK Cities Showing More Positive Growth Than Southern Areas

      While the market is generally stable, a clear North-South divide has emerged when it comes to price performance, and according to the report, this has continued into April. Southern England has been experiencing small price dips, while the rest of the UK including northern regions and Scotland, have recorded modest increases.

      Zoopla points out that this difference is clearly observed when comparing individual cities. For example, Ipswich has seen the largest price dip of -3%, while Belfast has seen the highest increase of 3%. The ranking shows mostly northern cities such as Manchester, Newcastle, and Liverpool in positive growth territory, while the list of cities experiencing negative growth is dominated by southern cities like Brighton, London, and Bristol.

      Zoopla also predicts that this difference will persist throughout the year, as house prices realign and the greatest adjustments will be seen in London and other southern regions.

      Further Reading: Learn more about buy-to-let hotspots with our guides covering topics such as investment properties in Manchester and flats for sale in Liverpool.

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      Number of Homes for Sale Reaches 8-Year High

      Sellers are increasingly coming back to the market, leading to there now being the highest number of available homes for sale in the last eight years. The average agent was found to have 31 homes for sale, which is up 20% annually. There is now £230 billion worth of properties on the market, 25% more than the same time last year.

      Sales are starting to climb back to their long-term average, as agreed sales are up 13% on last year. But the number of homes for sale has grown faster than the rise in agreed sales, meaning the supply of available homes has been replenished, boosting choice for buyers. A more bountiful supply of available properties will support an increase in sales numbers, but it may also keep house price inflation this year modest, leading Zoopla to predict that house price growth will be fairly flat in 2024.

      This lines up with many other property price growth forecasts that predict modest growth for this year and more healthy growth in the coming years.

      To find out more about the UK property market, take a look at our buy-to-let area guides covering topics such as investment property available in Grimsby and investment property available in Hastings.  We have also launched our latest development, Maritime View in Liverpool, which is positioned in a prime location opposite the Albert Dock in Liverpool.

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      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.