House prices rise 2.9% – will the recovery continue?

House prices grew by 2.9% on an annual basis in September. Will Budget policies and ‘higher-for-longer’ rates dent the recovery?

Residential street in Chiswick, London, in Autumn
(Image credit: Alexey Fedoren via Getty Images)

House prices in the UK rose by 2.9% on an annual basis in September, according to figures released by HM Land Registry. This brings the average UK house price to £292,000. Although prices fell by 0.3% on a monthly basis (September versus August), there is evidence that a house price recovery is underway with more buyers returning to the market as interest rates fall.

Provisional figures released by HMRC at the end of October suggest that residential transactions were 9% higher in September 2024 than September 2023, on a seasonally-adjusted basis. They were also marginally higher (less than 1%) than August 2024.

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Country / regionAverage house priceAnnual change
North East£170,6446.50%
Northern Ireland (Q3 2024)£190,5536.20%
Scotland£198,0465.70%
North West£225,9774.80%
Yorkshire and The Humber£215,4424.40%
East Midlands£249,9473.10%
West Midlands Region£257,1293.00%
England£308,7822.50%
South East£383,1041.80%
East of England£342,4701.20%
South West£319,0151.00%
Wales£216,7500.40%
London£525,586-0.50%
Katie Williams
Staff Writer

Katie has a background in investment writing and is interested in everything to do with personal finance, politics, and investing. She enjoys translating complex topics into easy-to-understand stories to help people make the most of their money.

Katie believes investing shouldn’t be complicated, and that demystifying it can help normal people improve their lives.

Before joining the MoneyWeek team, Katie worked as an investment writer at Invesco, a global asset management firm. She joined the company as a graduate in 2019. While there, she wrote about the global economy, bond markets, alternative investments and UK equities.

Katie loves writing and studied English at the University of Cambridge. Outside of work, she enjoys going to the theatre, reading novels, travelling and trying new restaurants with friends.