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UK House Price Index – February 2024

Research and Insight February 2024
Top insights
Executive summary
UK house price inflation slows to -0.5% on rising sales volumes
All measures of activity higher with sales agreed up 15%
A fifth more homes for sale than last year as sellers return
Seven regions with positive annual price inflation, price falls in five
There is a 3-tier housing market split between southern England, London and the rest of the UK defined by affordability
Activity boosted by falling mortgage rates which are plateauing
We expect more sales in 2024 rather than faster price growth
Sales momentum has been recovering for 5 months and we are on track for 10% more sales (1.1m) in 2024 than last year
- 0.5 %

Annual UK house price inflation

15 %

Year-on-year change in sales agreed

21%

Homes for sale versus a year ago

"The housing market has proved very resilient to higher mortgage rates and cost of living pressures. More sales and more sellers shows growing confidence amongst households and evidence that 4-5% mortgage rates are not a barrier to improving market conditions”

Richard Donnell Executive Director - Research
Sales market metrics up on 2023 across the board
Source: Zoopla Research
% change - 4 weeks to 18 Feb 2024 compared to same period in 2023