More homeowners have seen their properties rise in value over the last year compared with 2023, according to Zoopla. Around half of UK homes increased in value by more than 1 percent in 2024, equating to around 15 million properties with prices increasing.
Whilst last year saw a broad recovery of house prices, around a third of homes had price declines of more than one percent, equating to just over nine million properties.
The falls in property values tended to be more concentrated across southern England, as higher mortgage rates reduced buying power, Zoopla said. Taking into account price rises and falls, the average property value increased by £2,400 last year.
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It’s helpful to know where property values are rising if you’re looking to move homes this year. Rising property values often mean that the price of homes in a given area is increasing, which is usually down to supply and demand.
Richard Donnell, executive director at Zoopla said: “The housing market returned to growth in 2024 but the pattern of home value changes across Britain is far from uniform.
“There is headroom for prices to increase in markets where housing is affordable compared to incomes, which covers many parts of northern England and Scotland.
“In contrast, affordability is more of a constraint on price rises in southern England, where the market continues to adjust to higher borrowing costs. Faster income growth is helping to repair affordability, supporting moving decisions in 2025.”
Glossop, Derbyshire, has seen property values rise this year -Credit:LDRS
11 towns where homes are rising the most in value:
Here are the towns with the highest percentages of homes increasing in value in 2024 in each region, as well as the average price increase:
– East Midlands, Glossop, 67%, £7,000
– East of England, Berkhamsted, 53%, £24,500
– London, Waltham Forest, 64%, £8,700
– North East, Peterlee, 83%, £6,100
– North West, Blackburn, 77%, £8,100
– Scotland, Carluke, 82%, £8,900
– South East, Thame, 56%, £5,600
– South West, Portland, 54%, £2,900
– Wales, Ferndale, 74%, £3,900
– West Midlands, Wednesbury, 79%, £6,000
– Yorkshire and the Humber, Normanton, 81%, £7,500
Property values are falling in Cheadle, Stockport -Credit:Jason Roberts /Manchester Evening News
11 towns where homes are falling the most in value:
Here are the towns with the highest percentages of homes decreasing in value in 2024, as well as the average cash decrease:
– East Midlands, Corby, 74%, £6,000 decrease
– East of England, Bungay, 79%, £8,400 decrease
– London, Kensington and Chelsea, 72%, £44,300 decrease
– North East, Houghton Le Spring, 48%, £3,800 increase
– North West, Cheadle, 54%, £2,000 decrease
– Scotland, Inverurie, 65%, £4,200 decrease
– South East, Broadstairs, 89%, £15,300 decrease
– South West, Ferndown, 83%, £14,400 decrease
– Wales, Pwllheli, 64%, £3,650 decrease
– West Midlands, Evesham, 45%, £900 increase
– Yorkshire and the Humber, Beverley, 57%, £5,100 decrease