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UK House Price Index – August 2024

Research and Insight August 2024
Top insights
Executive summary
House prices are 1.4% higher over the first 7 months of 2024 having fallen over the final half of 2023
All measures of activity are up year-on-year - the long-awaited base rate cut has not had a major impact on market activity so far
Price inflation has improved across all areas, remaining slightly negative in southern England but with London positive at 0.2%
1 in 5 homes has had their asking price cut by 5% or more, an above- average level showing continued price sensitivity amongst buyers
It takes 28 days to sell a home with no asking price reduction, but 73 days if you overprice and then need to reduce by 5% or more
House prices on track to be 2.5% higher over 2024 with 1.1m sales
+ 0.5 %

Annual UK house price inflation - June 2024

33

Homes for sale per estate agent at a 7-year high

2.6x

How much longer to sell a home if the asking price is cut by 5% or more

“Market conditions continue to improve as the outlook improves but buyers remain price sensitive. Rising disposable incomes are as important as mortgage rates for the future health of the sales market”

Richard Donnell Executive Director - Research
Housing market activity levels up year on year across the board
Source: Zoopla Research
% change - 4 weeks to 18 Aug 2024 compared to the same period in 2023