The top performing North West saw prices grow by 3.8% year-on-year in May. The average price of a property in the North West is now £232,258. Northern Ireland also continues to show strong annual growth, up 3.2% over the same period. Yorkshire saw an year-on-year growth of 0.9% in May bringing the average house price in God’s Own County to £206,351 House prices in Scotland also increased, with a typical property now costing £204,952, +1.9% more than the year before.
While most homes for sale are new to the market, 31 % of homes for sale were marketed in 2023. Rising mortgage rates saw demand weaken, but homeowners have now returned to the market.. This increase in the supply of homes for sale boosts choice for buyers and is expected to keep house price growth in check over the rest of 2024. Sales agreed are up 13% year on year. The South West has seen well above average growth in the number of homes for sale.