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UK Property Prices Up 1.8% Year-on-Year

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    ONS UK House Price Index: What’s Happening to the UK Property Market?

    According to the latest ONS UK House Price Index, UK house prices were up 1.8% annually in March – from £278,000 in March 2023 to £283,000 in 2024.

    On average, house prices have risen month-on-month by 0.7% since February 2024.

    Let’s see how this affects buy-to-let property in the UK going forward.

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      UK House Price Growth: Regional Breakdown

      The highest monthly house price increase was observed in Yorkshire and the Humber, where prices increased by 5.0% in the year to March 2024.

      The North West was second highest, seeing a 3.8% increase over the last 12 months.

      London experienced the lowest price change in England, seeing a negative increase of -3.4%.

      Region Average price Mar 2024Annual change % since Mar 2023Monthly change % since Feb 2023
      East Midlands £242,00010.3
      East of England£342,0000.80.5
      London£500,000-3.4-0.9
      North East£159,0003.2-0.4
      North West£217,0003.81.1
      South East£373,000-1.30.3
      South West£316,0000.50.2
      West Midlands £246,0002.41.4
      Yorkshire and the Humber£210,00052.2

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      How Does This Affect the UK Housing Market in 2024?

      These figures are the latest sign of an improving housing market. Rightmove’s recent house price index indicates that prices were 0.6% up in May.

      While some first-time buyers may be concerned about a difficult entry point, various experts have suggested that house price growth may be one of the best reasons to invest in a buy-to-let.

      Iain McKenzie, chief executive of The Guild of Property Professionals, said: “Another month of growth for house prices will be welcomed by sellers who were concerned this time last year that their home had lost significant value.

      “First-time buyers may be worried that any rise in prices will make the dream of homeownership further out of reach. However, it should be reassuring that if you are in a position to buy now, it is less likely that your home will drop in value after you sign on the dotted line.”

      Learn more about how to get into property investment with our updated buy-to-let guides:

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      Author

      Reece Pape

      Reece Pape is a property writer at RWinvest. Utilising up-to-date property statistics and data, Reece aims to keep investors informed on the latest market developments.

      UK