A surge in house prices
Nationwide’s House Price Index shows that house prices picked up in September, with the highest annual increase since November 2022*.
The average house price rose to £266,094 in September – a monthly uptick of 0.7% after prices fell by -0.2% in August. Annual growth hit 3.2%, having previously peaked at 4.4% in November 2022. However, prices are still 2% lower than the record highs seen in summer 2022.
Regional variations
Scotland saw a significant increase in Q3, with prices increasing annually by 4.3%, while England experienced more modest growth of 1.9%. The North West was the strongest performing region of England, with prices rising by 5% annually. In general, Northern England (3.1%) continued to display stronger growth than the south (1.3%). Meanwhile, East Anglia was the only region in the UK to experience a drop in prices in Q3, with a 0.8% annual fall.
Property types
Over the last year, terraced houses have increased the most in price. However, detached properties have risen the most in the long run, with a 26% surge since Q1 of 2020. Flats are lagging behind since the pandemic, with an increase of only c15%.
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* Nationwide, 2024