UK house prices: Predictions for 2024 and beyond
House prices are predicted to drop by 3% in 2024, but grow by 17.9% overall by 2028.
We take a look at what is happening with UK house prices, including expert predictions for 2024 and the coming years, and how this will impact mortgages.
House price predictions: Quick overview
- House prices are predicted to drop by 3% in 2024, but recover with growth of 3.5% in 2025.
- Overall, house prices are expected to see growth of 17.9% by 2028.
- House prices fell by 2.1% in the year leading up to November 2023.
- The Nationwide house price index recorded a 1.8% drop in house prices in the year to December 2023, but the Halifax index recorded 1.7% growth.
- The average house price in the UK stands at £285,000 as of November 2023.
- Mortgage approvals were down 26% year-on-year in November 2023.
- Average house prices exceed the Help to Buy ISA limit in 38% of UK local authorities and this is expected to rise to 58% by 2028.
- Average prices are expected to exceed the Help to Buy ISA limit in 4 out of 5 London boroughs by 2028.
Will house prices go down in 2024?
The latest data from the ONS UK House Price Index shows that the average house price in November 2023 was £285,000, a fall of 2.1% from November 2022. The growth in house prices had been slowing after peaking at 13.8% year-on-year growth in July 2022, and now house prices are falling year-on-year.
| Month | Average UK house price |
|---|---|
| Oct 2021 | £263,333 |
| Nov 2021 | £267,370 |
| Dec 2021 | £268,115 |
| Jan 2022 | £272,738 |
| Feb 2022 | £272,454 |
| Mar 2022 | £273,787 |
| Apr 2022 | £276,917 |
| May 2022 | £280,433 |
| Jun 2022 | £282,777 |
| Jul 2022 | £288,156 |
| Aug 2022 | £290,541 |
| Sep 2022 | £291,716 |
| Oct 2022 | £291,193 |
| Nov 2022 | £291,217 |
| Dec 2022 | £289,356 |
| Jan 2023 | £286,072 |
| Feb 2023 | £283,769 |
| Mar 2023 | £280,884 |
| Apr 2023 | £281,460 |
| May 2023 | £282,401 |
| Jun 2023 | £284,507 |
| Jul 2023 | £287,764 |
| Aug 2023 | £292,049 |
| Sep 2023 | £289,923 |
| Oct 2023 | £287,782 |
The annual growth in house prices has been slowing over the past year, according to the ONS index, which is considered the most reliable. In November 2023, the year-on-year fall in house prices was at the fastest pace since 2011.
| Month | Annual percentage change in house prices |
|---|---|
| Oct 2021 | 8.10% |
| Nov 2021 | 8.70% |
| Dec 2021 | 8.10% |
| Jan 2022 | 9.20% |
| Feb 2022 | 9.20% |
| Mar 2022 | 8.00% |
| Apr 2022 | 10.70% |
| May 2022 | 11.60% |
| Jun 2022 | 6.40% |
| Jul 2022 | 13.80% |
| Aug 2022 | 11.50% |
| Sep 2022 | 8.50% |
| Oct 2022 | 10.60% |
| Nov 2022 | 8.90% |
| Dec 2022 | 7.90% |
| Jan 2023 | 4.90% |
| Feb 2023 | 4.10% |
| Mar 2023 | 2.60% |
| Apr 2023 | 1.60% |
| May 2023 | 0.70% |
| Jun 2023 | 0.60% |
| Jul 2023 | -0.10% |
| Aug 2023 | 0.50% |
| Sep 2023 | -0.60% |
| Oct 2023 | -1.20% |
UK house price predictions for 2024-2028
According to forecasts from Savills, house prices are expected to drop by 3% year-on-year in 2024. However, 2025 will see a rebound in performance, with house prices predicted to grow by 3.5% from 2024 prices.
Growth is forecast to be even stronger in the following years, with 5% growth expected in 2026, 6.5% growth expected in 2027 and 5% growth expected in 2028. Overall, house prices are expected to see growth of 17.9% by 2028.
| Year | Yearly percentage change for UK house prices |
|---|---|
| 2024 | -3.00% |
| 2025 | 3.50% |
| 2026 | 5.00% |
| 2027 | 6.50% |
| 2028 | 5.00% |
| Total by 2028 | 17.90% |
How do these house price predictions impact first-time buyers?
According to analysis from Finder, this predicted rise in house prices means that well over half (58%) of local authorities in the UK will have an average house price above £250,000 by 2028, which is the Help to Buy ISA limit.
The research analysed the average house price for first-time buyers in different areas of the UK, and forecast the growth of these prices between now and 2028 based on market predictions. This data was used to reveal where first-time buyers may be unable to use their Help to Buy ISAs to purchase the average property.
A Help to Buy ISA is a government scheme that allows people to save up to £200 a month, with the government adding a 25% bonus on savings up to the limit of £12,000 if you use the savings to buy a house. It can be used to purchase property up to £250,000 or up to £450,000 in London.
Help to Buy ISAs: UK limit is £250k
The research found that average house prices in 132 of 348 local authorities (38%) are above the Help to Buy ISA limit in 2024. This is predicted to rise to 149 (43%) in 2025, 164 (47%) in 2026 and 182 (52%) in 2027. By 2028, well over half of local authorities will have average house prices that are above the Help to Buy ISA limit.
Below, you can explore how this will affect first-time buyers with a Help to Buy ISA over time.
| Local Authority | Average price 2023 | Estimated price 2024 | Estimated price 2025 | Estimated price 2026 | Estimated price 2027 | Estimated price 2028 |
|---|---|---|---|---|---|---|
| Aberdeenshire | £155,633 | £150,964 | £156,248 | £164,060 | £174,724 | £183,460 |
| Adur | £320,859 | £311,233 | £322,126 | £338,233 | £360,218 | £378,229 |
| Amber Valley | £200,274 | £194,266 | £201,065 | £211,118 | £224,841 | £236,083 |
| Angus | £132,567 | £128,590 | £133,091 | £139,745 | £148,828 | £156,270 |
| Argyll and Bute | £145,889 | £141,512 | £146,465 | £153,788 | £163,785 | £171,974 |
| Arun | £280,472 | £272,058 | £281,580 | £295,659 | £314,877 | £330,621 |
| Ashfield | £168,249 | £163,202 | £168,914 | £177,360 | £188,888 | £198,333 |
| Ashford | £301,640 | £292,591 | £302,832 | £317,973 | £338,641 | £355,573 |
| Babergh | £269,293 | £261,214 | £270,357 | £283,875 | £302,327 | £317,443 |
| Barnsley | £142,135 | £137,871 | £142,697 | £149,832 | £159,571 | £167,549 |
| Basildon | £311,733 | £302,381 | £312,964 | £328,612 | £349,972 | £367,471 |
| Basingstoke and Deane | £281,954 | £273,495 | £283,067 | £297,221 | £316,540 | £332,367 |
| Bassetlaw | £165,270 | £160,312 | £165,923 | £174,219 | £185,543 | £194,820 |
| Bath and North East Somerset | £370,011 | £358,910 | £371,472 | £390,046 | £415,399 | £436,169 |
| Bedford | £281,002 | £272,572 | £282,112 | £296,218 | £315,472 | £331,245 |
| Birmingham | £201,476 | £195,431 | £202,271 | £212,385 | £226,190 | £237,500 |
| Blaby district | £255,996 | £248,316 | £257,008 | £269,858 | £287,399 | £301,769 |
| Blackburn with Darwen | £127,379 | £123,558 | £127,882 | £134,277 | £143,005 | £150,155 |
| Blackpool | £118,327 | £114,777 | £118,795 | £124,734 | £132,842 | £139,484 |
| Blaenau Gwent | £122,349 | £118,679 | £122,832 | £128,974 | £137,357 | £144,225 |
| Bolsover | £156,018 | £151,338 | £156,634 | £164,466 | £175,156 | £183,914 |
| Bolton | £154,882 | £150,235 | £155,494 | £163,268 | £173,881 | £182,575 |
| Boston | £169,983 | £164,884 | £170,655 | £179,188 | £190,835 | £200,377 |
| Bournemouth Christchurch and Poole | £258,621 | £250,862 | £259,642 | £272,625 | £290,345 | £304,862 |
| Bracknell Forest | £320,620 | £311,001 | £321,886 | £337,981 | £359,949 | £377,947 |
| Bradford | £152,077 | £147,515 | £152,678 | £160,311 | £170,732 | £179,268 |
| Braintree | £288,301 | £279,652 | £289,440 | £303,912 | £323,666 | £339,849 |
| Breckland | £239,290 | £232,111 | £240,235 | £252,247 | £268,643 | £282,075 |
| Brentwood | £362,877 | £351,991 | £364,311 | £382,526 | £407,390 | £427,760 |
| Bridgend | £178,452 | £173,098 | £179,157 | £188,115 | £200,342 | £210,359 |
| Brighton and Hove | £380,046 | £368,645 | £381,547 | £400,625 | £426,665 | £447,999 |
| Broadland | £282,579 | £274,102 | £283,696 | £297,880 | £317,243 | £333,105 |
| Bromsgrove | £270,476 | £262,362 | £271,544 | £285,122 | £303,654 | £318,837 |
| Broxbourne | £336,229 | £326,142 | £337,557 | £354,435 | £377,473 | £396,347 |
| Broxtowe | £215,751 | £209,279 | £216,603 | £227,434 | £242,217 | £254,328 |
| Buckinghamshire | £347,249 | £336,831 | £348,620 | £366,051 | £389,845 | £409,337 |
| Burnley | £101,559 | £98,512 | £101,960 | £107,058 | £114,017 | £119,718 |
| Bury | £197,396 | £191,474 | £198,176 | £208,085 | £221,610 | £232,691 |
| Caerphilly | £164,055 | £159,133 | £164,703 | £172,938 | £184,179 | £193,388 |
| Calderdale | £156,420 | £151,727 | £157,038 | £164,889 | £175,607 | £184,388 |
| Cambridge | £432,793 | £419,809 | £434,503 | £456,228 | £485,883 | £510,177 |
| Cannock Chase | £196,624 | £190,725 | £197,401 | £207,271 | £220,744 | £231,781 |
| Canterbury | £302,514 | £293,438 | £303,709 | £318,894 | £339,622 | £356,603 |
| Cardiff | £229,246 | £222,368 | £230,151 | £241,659 | £257,367 | £270,235 |
| Carmarthenshire | £181,263 | £175,826 | £181,979 | £191,078 | £203,499 | £213,673 |
| Castle Point | £312,788 | £303,404 | £314,023 | £329,724 | £351,157 | £368,714 |
| Central Bedfordshire | £303,959 | £294,840 | £305,160 | £320,418 | £341,245 | £358,307 |
| Ceredigion | £223,267 | £216,569 | £224,149 | £235,356 | £250,654 | £263,187 |
| Charnwood | £243,304 | £236,005 | £244,265 | £256,479 | £273,150 | £286,807 |
| Chelmsford | £308,806 | £299,542 | £310,026 | £325,527 | £346,686 | £364,021 |
| Cheltenham | £276,330 | £268,040 | £277,421 | £291,292 | £310,226 | £325,738 |
| Cherwell | £298,892 | £289,925 | £300,073 | £315,076 | £335,556 | £352,334 |
| Cheshire East | £222,541 | £215,864 | £223,420 | £234,591 | £249,839 | £262,331 |
| Cheshire West and Chester | £216,038 | £209,557 | £216,891 | £227,736 | £242,539 | £254,666 |
| Chesterfield | £165,602 | £160,634 | £166,256 | £174,569 | £185,916 | £195,211 |
| Chichester | £353,494 | £342,889 | £354,890 | £372,635 | £396,856 | £416,699 |
| Chorley | £183,055 | £177,564 | £183,778 | £192,967 | £205,510 | £215,786 |
| Aberdeen City | £111,838 | £108,483 | £112,280 | £117,894 | £125,557 | £131,834 |
| Bristol, City of | £316,968 | £307,459 | £318,220 | £334,131 | £355,850 | £373,642 |
| Derby | £177,758 | £172,425 | £178,460 | £187,383 | £199,563 | £209,541 |
| Dundee City | £120,959 | £117,330 | £121,437 | £127,509 | £135,797 | £142,587 |
| City of Edinburgh | £260,910 | £253,083 | £261,941 | £275,038 | £292,916 | £307,561 |
| Glasgow City | £151,808 | £147,254 | £152,408 | £160,028 | £170,430 | £178,952 |
| Kingston upon Hull, City of | £123,666 | £119,956 | £124,154 | £130,362 | £138,835 | £145,777 |
| City of London | £949,018 | £920,547 | £952,766 | £1,000,405 | £1,065,431 | £1,118,702 |
| Nottingham | £175,762 | £170,489 | £176,457 | £185,279 | £197,323 | £207,189 |
| Peterborough | £204,098 | £197,975 | £204,904 | £215,150 | £229,134 | £240,591 |
| Plymouth | £194,085 | £188,263 | £194,852 | £204,595 | £217,893 | £228,788 |
| Clackmannanshire | £123,273 | £119,575 | £123,760 | £129,948 | £138,395 | £145,314 |
| Colchester | £267,922 | £259,884 | £268,980 | £282,429 | £300,787 | £315,827 |
| Conwy | £183,181 | £177,685 | £183,904 | £193,099 | £205,651 | £215,933 |
| Cornwall | £255,135 | £247,481 | £256,142 | £268,949 | £286,431 | £300,753 |
| Cotswold | £365,329 | £354,369 | £366,772 | £385,110 | £410,142 | £430,649 |
| County Durham | £111,587 | £108,239 | £112,027 | £117,629 | £125,275 | £131,538 |
| Coventry | £199,209 | £193,233 | £199,996 | £209,996 | £223,645 | £234,828 |
| Crawley | £292,079 | £283,317 | £293,233 | £307,895 | £327,908 | £344,303 |
| Cumberland | £140,557 | £136,340 | £141,112 | £148,168 | £157,798 | £165,688 |
| Dacorum | £368,398 | £357,346 | £369,854 | £388,346 | £413,589 | £434,268 |
| Darlington | £136,092 | £132,009 | £136,629 | £143,461 | £152,786 | £160,425 |
| Dartford | £320,232 | £310,625 | £321,497 | £337,572 | £359,514 | £377,490 |
| Denbighshire | £178,542 | £173,185 | £179,247 | £188,209 | £200,443 | £210,465 |
| Derbyshire Dales | £277,060 | £268,748 | £278,154 | £292,062 | £311,046 | £326,598 |
| Doncaster | £145,587 | £141,219 | £146,162 | £153,470 | £163,446 | £171,618 |
| Dorset | £280,172 | £271,767 | £281,279 | £295,343 | £314,540 | £330,267 |
| Dover | £266,139 | £258,155 | £267,191 | £280,550 | £298,786 | £313,725 |
| Dudley | £201,820 | £195,766 | £202,617 | £212,748 | £226,577 | £237,906 |
| Dumfries and Galloway | £136,348 | £132,257 | £136,886 | £143,730 | £153,073 | £160,727 |
| East Ayrshire | £98,729 | £95,767 | £99,119 | £104,075 | £110,839 | £116,381 |
| East Cambridgeshire | £299,954 | £290,955 | £301,139 | £316,196 | £336,749 | £353,586 |
| East Devon | £278,841 | £270,476 | £279,943 | £293,940 | £313,046 | £328,698 |
| East Dunbartonshire | £191,157 | £185,423 | £191,913 | £201,508 | £214,606 | £225,337 |
| East Hampshire | £329,769 | £319,876 | £331,072 | £347,626 | £370,221 | £388,732 |
| East Hertfordshire | £340,480 | £330,266 | £341,825 | £358,917 | £382,246 | £401,358 |
| East Lindsey | £194,471 | £188,636 | £195,239 | £205,001 | £218,326 | £229,242 |
| East Lothian | £235,374 | £228,313 | £236,304 | £248,119 | £264,247 | £277,459 |
| East Renfrewshire | £208,344 | £202,094 | £209,167 | £219,626 | £233,901 | £245,596 |
| East Riding of Yorkshire | £181,608 | £176,160 | £182,325 | £191,441 | £203,885 | £214,079 |
| East Staffordshire | £184,054 | £178,532 | £184,781 | £194,020 | £206,631 | £216,963 |
| East Suffolk | £240,459 | £233,245 | £241,408 | £253,479 | £269,955 | £283,453 |
| Eastbourne | £253,166 | £245,571 | £254,166 | £266,874 | £284,221 | £298,432 |
| Eastleigh | £269,959 | £261,861 | £271,026 | £284,577 | £303,075 | £318,228 |
| Elmbridge | £462,209 | £448,343 | £464,035 | £487,237 | £518,907 | £544,852 |
| Epping Forest | £394,600 | £382,762 | £396,159 | £415,967 | £443,005 | £465,155 |
| Epsom and Ewell | £407,808 | £395,574 | £409,419 | £429,890 | £457,832 | £480,724 |
| Erewash | £192,739 | £186,957 | £193,501 | £203,176 | £216,382 | £227,201 |
| Exeter | £270,397 | £262,285 | £271,465 | £285,039 | £303,566 | £318,744 |
| Falkirk | £132,170 | £128,205 | £132,692 | £139,326 | £148,383 | £155,802 |
| Fareham | £279,623 | £271,234 | £280,727 | £294,764 | £313,924 | £329,620 |
| Fenland | £198,164 | £192,219 | £198,947 | £208,894 | £222,472 | £233,596 |
| Fife | £136,021 | £131,940 | £136,558 | £143,386 | £152,706 | £160,342 |
| Flintshire | £181,895 | £176,438 | £182,613 | £191,744 | £204,207 | £214,417 |
| Folkestone and Hythe | £259,902 | £252,105 | £260,928 | £273,975 | £291,783 | £306,372 |
| Forest of Dean | £252,523 | £244,947 | £253,521 | £266,197 | £283,499 | £297,674 |
| Fylde | £187,705 | £182,073 | £188,446 | £197,868 | £210,730 | £221,266 |
| Gateshead | £134,084 | £130,061 | £134,613 | £141,344 | £150,531 | £158,058 |
| Gedling | £205,531 | £199,366 | £206,343 | £216,661 | £230,743 | £242,281 |
| Gloucester | £209,633 | £203,344 | £210,461 | £220,985 | £235,349 | £247,116 |
| Gosport | £233,661 | £226,651 | £234,584 | £246,313 | £262,323 | £275,439 |
| Gravesham | £287,063 | £278,451 | £288,197 | £302,607 | £322,276 | £338,390 |
| Great Yarmouth | £179,876 | £174,479 | £180,586 | £189,615 | £201,940 | £212,037 |
| Guildford | £396,684 | £384,783 | £398,251 | £418,163 | £445,344 | £467,611 |
| Gwynedd | £177,371 | £172,050 | £178,071 | £186,975 | £199,128 | £209,085 |
| Halton | £156,424 | £151,731 | £157,041 | £164,894 | £175,612 | £184,392 |
| Harborough | £296,182 | £287,297 | £297,352 | £312,220 | £332,514 | £349,140 |
| Harlow | £289,149 | £280,474 | £290,291 | £304,806 | £324,618 | £340,849 |
| Hart | £370,152 | £359,047 | £371,614 | £390,195 | £415,557 | £436,335 |
| Hartlepool | £111,867 | £108,511 | £112,309 | £117,924 | £125,589 | £131,869 |
| Hastings | £250,337 | £242,827 | £251,326 | £263,892 | £281,045 | £295,098 |
| Havant | £272,113 | £263,949 | £273,187 | £286,847 | £305,492 | £320,767 |
| Herefordshire | £229,608 | £222,720 | £230,515 | £242,041 | £257,773 | £270,662 |
| Hertsmere | £430,316 | £417,407 | £432,016 | £453,617 | £483,102 | £507,257 |
| High Peak | £210,736 | £204,414 | £211,568 | £222,146 | £236,586 | £248,415 |
| Highland | £163,693 | £158,782 | £164,339 | £172,556 | £183,772 | £192,961 |
| Hinckley and Bosworth | £237,327 | £230,208 | £238,265 | £250,178 | £266,440 | £279,762 |
| Horsham | £329,418 | £319,536 | £330,719 | £347,255 | £369,827 | £388,318 |
| Huntingdonshire | £252,433 | £244,860 | £253,430 | £266,101 | £283,398 | £297,568 |
| Hyndburn | £111,355 | £108,015 | £111,795 | £117,385 | £125,015 | £131,266 |
| Inverclyde | £97,670 | £94,740 | £98,056 | £102,959 | £109,651 | £115,134 |
| Ipswich | £205,617 | £199,448 | £206,429 | £216,750 | £230,839 | £242,381 |
| Isle of Anglesey | £193,558 | £187,751 | £194,323 | £204,039 | £217,301 | £228,166 |
| Isle of Wight | £231,129 | £224,195 | £232,042 | £243,644 | £259,481 | £272,455 |
| King's Lynn and West Norfolk | £230,329 | £223,419 | £231,239 | £242,801 | £258,583 | £271,512 |
| Kirklees | £163,262 | £158,364 | £163,907 | £172,102 | £183,289 | £192,453 |
| Knowsley | £155,847 | £151,172 | £156,463 | £164,286 | £174,965 | £183,713 |
| Lancaster | £173,942 | £168,724 | £174,629 | £183,361 | £195,279 | £205,043 |
| Leeds | £200,960 | £194,931 | £201,754 | £211,842 | £225,612 | £236,892 |
| Leicester | £211,242 | £204,905 | £212,076 | £222,680 | £237,154 | £249,012 |
| Lewes | £319,466 | £309,882 | £320,728 | £336,765 | £358,654 | £376,587 |
| Lichfield | £246,856 | £239,450 | £247,831 | £260,222 | £277,137 | £290,994 |
| Lincoln | £161,169 | £156,334 | £161,805 | £169,896 | £180,939 | £189,986 |
| Liverpool | £155,900 | £151,223 | £156,516 | £164,341 | £175,024 | £183,775 |
| Luton | £246,957 | £239,548 | £247,933 | £260,329 | £277,251 | £291,113 |
| Maidstone | £276,461 | £268,167 | £277,553 | £291,430 | £310,373 | £325,892 |
| Maldon | £313,241 | £303,844 | £314,478 | £330,202 | £351,665 | £369,248 |
| Malvern Hills | £272,487 | £264,313 | £273,563 | £287,242 | £305,912 | £321,208 |
| Manchester | £208,552 | £202,296 | £209,376 | £219,845 | £234,135 | £245,842 |
| Mansfield | £160,024 | £155,223 | £160,656 | £168,689 | £179,653 | £188,636 |
| Medway | £267,036 | £259,025 | £268,091 | £281,496 | £299,793 | £314,783 |
| Melton | £254,456 | £246,822 | £255,461 | £268,234 | £285,669 | £299,953 |
| Merthyr Tydfil | £139,021 | £134,851 | £139,570 | £146,549 | £156,075 | £163,878 |
| Mid Devon | £245,337 | £237,977 | £246,306 | £258,622 | £275,432 | £289,204 |
| Mid Suffolk | £247,064 | £239,652 | £248,040 | £260,442 | £277,371 | £291,240 |
| Mid Sussex | £344,507 | £334,172 | £345,868 | £363,162 | £386,767 | £406,105 |
| Middlesbrough | £118,439 | £114,886 | £118,907 | £124,852 | £132,968 | £139,616 |
| Midlothian | £188,598 | £182,940 | £189,343 | £198,810 | £211,733 | £222,319 |
| Milton Keynes | £256,837 | £249,132 | £257,851 | £270,744 | £288,342 | £302,759 |
| Mole Valley | £393,231 | £381,434 | £394,784 | £414,524 | £441,468 | £463,541 |
| Monmouthshire | £274,795 | £266,551 | £275,881 | £289,675 | £308,504 | £323,929 |
| Moray | £157,188 | £152,473 | £157,809 | £165,700 | £176,470 | £185,294 |
| Na h-Eileanan Siar | £137,021 | £132,910 | £137,562 | £144,440 | £153,829 | £161,520 |
| Neath Port Talbot | £153,470 | £148,866 | £154,076 | £161,780 | £172,296 | £180,910 |
| New Forest | £304,110 | £294,986 | £305,311 | £320,576 | £341,414 | £358,485 |
| Newark and Sherwood | £188,508 | £182,853 | £189,253 | £198,716 | £211,632 | £222,214 |
| Newcastle upon Tyne | £166,631 | £161,632 | £167,289 | £175,654 | £187,071 | £196,425 |
| Newcastle-under-Lyme | £169,849 | £164,753 | £170,519 | £179,045 | £190,683 | £200,218 |
| Newport | £200,788 | £194,765 | £201,581 | £211,660 | £225,418 | £236,689 |
| North Ayrshire | £101,595 | £98,547 | £101,996 | £107,096 | £114,057 | £119,760 |
| North Devon | £254,710 | £247,069 | £255,716 | £268,502 | £285,955 | £300,253 |
| North East Derbyshire | £201,797 | £195,743 | £202,594 | £212,723 | £226,551 | £237,878 |
| North East Lincolnshire | £133,315 | £129,316 | £133,842 | £140,534 | £149,669 | £157,152 |
| North Hertfordshire | £308,371 | £299,120 | £309,589 | £325,068 | £346,198 | £363,508 |
| North Kesteven | £224,611 | £217,873 | £225,499 | £236,774 | £252,164 | £264,772 |
| North Lanarkshire | £110,459 | £107,145 | £110,895 | £116,440 | £124,008 | £130,209 |
| North Lincolnshire | £157,900 | £153,163 | £158,524 | £166,450 | £177,269 | £186,133 |
| North Norfolk | £257,471 | £249,747 | £258,488 | £271,412 | £289,054 | £303,507 |
| North Northamptonshire | £228,083 | £221,240 | £228,984 | £240,433 | £256,061 | £268,864 |
| North Somerset | £272,132 | £263,968 | £273,207 | £286,867 | £305,514 | £320,789 |
| North Tyneside | £173,760 | £168,547 | £174,446 | £183,169 | £195,075 | £204,829 |
| North Warwickshire | £216,943 | £210,435 | £217,800 | £228,690 | £243,555 | £255,733 |
| North West Leicestershire | £222,132 | £215,469 | £223,010 | £234,160 | £249,381 | £261,850 |
| North Yorkshire | £225,997 | £219,217 | £226,890 | £238,235 | £253,720 | £266,406 |
| Northumberland | £156,253 | £151,566 | £156,870 | £164,714 | £175,420 | £184,191 |
| Norwich | £218,389 | £211,838 | £219,252 | £230,215 | £245,178 | £257,437 |
| Nuneaton and Bedworth | £203,264 | £197,166 | £204,067 | £214,271 | £228,198 | £239,608 |
| Oadby and Wigston | £242,351 | £235,080 | £243,308 | £255,474 | £272,079 | £285,683 |
| Oldham | £169,689 | £164,598 | £170,359 | £178,877 | £190,504 | £200,030 |
| Orkney Islands | £180,493 | £175,079 | £181,206 | £190,267 | £202,634 | £212,766 |
| Oxford | £417,140 | £404,626 | £418,788 | £439,727 | £468,309 | £491,725 |
| Pembrokeshire | £209,567 | £203,280 | £210,395 | £220,914 | £235,274 | £247,038 |
| Pendle | £116,008 | £112,528 | £116,467 | £122,290 | £130,239 | £136,751 |
| Perth and Kinross | £175,704 | £170,432 | £176,398 | £185,217 | £197,257 | £207,119 |
| Portsmouth | £236,194 | £229,108 | £237,127 | £248,983 | £265,167 | £278,425 |
| Powys | £212,399 | £206,027 | £213,238 | £223,900 | £238,454 | £250,377 |
| Preston | £131,189 | £127,253 | £131,707 | £138,293 | £147,282 | £154,646 |
| Reading | £290,581 | £281,864 | £291,729 | £306,315 | £326,226 | £342,537 |
| Redcar and Cleveland | £137,744 | £133,612 | £138,288 | £145,202 | £154,641 | £162,373 |
| Redditch | £218,817 | £212,253 | £219,682 | £230,666 | £245,659 | £257,942 |
| Reigate and Banstead | £365,467 | £354,503 | £366,910 | £385,256 | £410,298 | £430,813 |
| Renfrewshire | £122,793 | £119,109 | £123,278 | £129,442 | £137,856 | £144,748 |
| Rhondda Cynon Taf | £139,245 | £135,067 | £139,795 | £146,784 | £156,325 | £164,142 |
| Ribble Valley | £219,598 | £213,010 | £220,465 | £231,488 | £246,535 | £258,862 |
| Rochdale | £169,553 | £164,466 | £170,223 | £178,734 | £190,352 | £199,869 |
| Rochford | £340,258 | £330,050 | £341,602 | £358,682 | £381,997 | £401,097 |
| Rossendale | £159,782 | £154,989 | £160,413 | £168,434 | £179,382 | £188,351 |
| Rother | £292,144 | £283,379 | £293,298 | £307,963 | £327,980 | £344,379 |
| Rotherham | £156,630 | £151,931 | £157,249 | £165,111 | £175,844 | £184,636 |
| Rugby | £239,126 | £231,952 | £240,070 | £252,074 | £268,459 | £281,882 |
| Runnymede | £377,879 | £366,542 | £379,371 | £398,340 | £424,232 | £445,444 |
| Rushcliffe | £276,351 | £268,061 | £277,443 | £291,315 | £310,251 | £325,763 |
| Rushmoor | £289,350 | £280,669 | £290,493 | £305,017 | £324,843 | £341,086 |
| Rutland | £303,340 | £294,240 | £304,538 | £319,765 | £340,550 | £357,577 |
| Salford | £187,580 | £181,952 | £188,321 | £197,737 | £210,589 | £221,119 |
| Sandwell | £182,218 | £176,752 | £182,938 | £192,085 | £204,571 | £214,799 |
| Scottish Borders | £154,036 | £149,415 | £154,645 | £162,377 | £172,932 | £181,578 |
| Sefton | £168,893 | £163,826 | £169,560 | £178,038 | £189,611 | £199,091 |
| Sevenoaks | £411,368 | £399,027 | £412,993 | £433,642 | £461,829 | £484,920 |
| Sheffield | £184,176 | £178,651 | £184,904 | £194,149 | £206,769 | £217,107 |
| Shetland Islands | £170,671 | £165,551 | £171,345 | £179,913 | £191,607 | £201,187 |
| Shropshire | £221,462 | £214,819 | £222,337 | £233,454 | £248,629 | £261,060 |
| Slough | £286,390 | £277,798 | £287,521 | £301,897 | £321,520 | £337,596 |
| Solihull | £264,499 | £256,564 | £265,544 | £278,821 | £296,944 | £311,792 |
| Somerset | £242,827 | £235,542 | £243,786 | £255,975 | £272,613 | £286,244 |
| South Ayrshire | £129,085 | £125,212 | £129,595 | £136,075 | £144,919 | £152,165 |
| South Cambridgeshire | £367,919 | £356,881 | £369,372 | £387,841 | £413,051 | £433,703 |
| South Derbyshire | £212,436 | £206,063 | £213,275 | £223,939 | £238,495 | £250,420 |
| South Gloucestershire | £295,338 | £286,478 | £296,505 | £311,330 | £331,567 | £348,145 |
| South Hams | £328,930 | £319,062 | £330,229 | £346,741 | £369,279 | £387,743 |
| South Holland | £199,552 | £193,565 | £200,340 | £210,357 | £224,030 | £235,232 |
| South Kesteven | £223,126 | £216,432 | £224,007 | £235,208 | £250,496 | £263,021 |
| South Lanarkshire | £125,531 | £121,765 | £126,027 | £132,328 | £140,929 | £147,976 |
| South Norfolk | £280,546 | £272,130 | £281,655 | £295,737 | £314,960 | £330,708 |
| South Oxfordshire | £409,815 | £397,520 | £411,433 | £432,005 | £460,085 | £483,090 |
| South Ribble | £178,541 | £173,185 | £179,246 | £188,208 | £200,442 | £210,464 |
| South Staffordshire | £249,158 | £241,684 | £250,143 | £262,650 | £279,722 | £293,708 |
| South Tyneside | £142,358 | £138,088 | £142,921 | £150,067 | £159,821 | £167,812 |
| Southampton | £220,378 | £213,766 | £221,248 | £232,311 | £247,411 | £259,781 |
| Southend-on-Sea | £278,322 | £269,972 | £279,421 | £293,392 | £312,463 | £328,086 |
| Spelthorne | £360,131 | £349,327 | £361,554 | £379,631 | £404,307 | £424,523 |
| St Albans | £441,141 | £427,907 | £442,884 | £465,028 | £495,255 | £520,018 |
| St. Helens | £161,176 | £156,340 | £161,812 | £169,903 | £180,946 | £189,994 |
| Stafford | £218,434 | £211,881 | £219,297 | £230,262 | £245,229 | £257,490 |
| Staffordshire Moorlands | £188,330 | £182,680 | £189,074 | £198,528 | £211,432 | £222,004 |
| Stevenage | £289,697 | £281,006 | £290,841 | £305,383 | £325,233 | £341,495 |
| Stirling | £175,210 | £169,954 | £175,902 | £184,697 | £196,703 | £206,538 |
| Stockport | £238,945 | £231,776 | £239,889 | £251,883 | £268,255 | £281,668 |
| Stockton-on-Tees | £141,153 | £136,918 | £141,710 | £148,796 | £158,468 | £166,391 |
| Stoke-on-Trent | £131,754 | £127,802 | £132,275 | £138,889 | £147,916 | £155,312 |
| Stratford-on-Avon | £301,800 | £292,746 | £302,993 | £318,142 | £338,821 | £355,762 |
| Stroud | £263,551 | £255,644 | £264,592 | £277,821 | £295,880 | £310,674 |
| Sunderland | £119,811 | £116,217 | £120,284 | £126,298 | £134,508 | £141,233 |
| Surrey Heath | £329,690 | £319,800 | £330,992 | £347,542 | £370,132 | £388,639 |
| Swale | £255,705 | £248,034 | £256,715 | £269,551 | £287,072 | £301,425 |
| Swansea | £173,141 | £167,947 | £173,825 | £182,516 | £194,380 | £204,099 |
| Swindon | £231,330 | £224,390 | £232,244 | £243,856 | £259,707 | £272,692 |
| Tameside | £185,778 | £180,205 | £186,512 | £195,838 | £208,567 | £218,995 |
| Tamworth | £203,058 | £196,966 | £203,860 | £214,053 | £227,966 | £239,364 |
| Tandridge | £388,266 | £376,618 | £389,799 | £409,289 | £435,893 | £457,688 |
| Teignbridge | £257,022 | £249,311 | £258,037 | £270,939 | £288,550 | £302,977 |
| Telford and Wrekin | £183,647 | £178,137 | £184,372 | £193,591 | £206,174 | £216,483 |
| Tendring | £232,665 | £225,685 | £233,584 | £245,263 | £261,205 | £274,265 |
| Test Valley | £314,668 | £305,228 | £315,911 | £331,707 | £353,268 | £370,931 |
| Tewkesbury | £269,541 | £261,454 | £270,605 | £284,136 | £302,604 | £317,735 |
| Thanet | £261,166 | £253,331 | £262,198 | £275,308 | £293,203 | £307,863 |
| Three Rivers | £439,040 | £425,868 | £440,774 | £462,813 | £492,895 | £517,540 |
| Thurrock | £290,065 | £281,363 | £291,211 | £305,772 | £325,647 | £341,929 |
| Tonbridge and Malling | £347,171 | £336,756 | £348,542 | £365,969 | £389,757 | £409,245 |
| Torbay | £223,653 | £216,943 | £224,536 | £235,763 | £251,088 | £263,642 |
| Torfaen | £167,866 | £162,830 | £168,529 | £176,956 | £188,458 | £197,881 |
| Torridge | £253,680 | £246,070 | £254,682 | £267,416 | £284,798 | £299,038 |
| Trafford | £300,003 | £291,003 | £301,188 | £316,247 | £336,803 | £353,644 |
| Tunbridge Wells | £358,910 | £348,142 | £360,327 | £378,344 | £402,936 | £423,083 |
| Uttlesford | £356,853 | £346,148 | £358,263 | £376,176 | £400,627 | £420,659 |
| Vale of Glamorgan | £255,920 | £248,242 | £256,931 | £269,778 | £287,313 | £301,679 |
| Vale of White Horse | £332,268 | £322,300 | £333,581 | £350,260 | £373,026 | £391,678 |
| Wakefield | £173,748 | £168,535 | £174,434 | £183,156 | £195,061 | £204,814 |
| Walsall | £188,086 | £182,444 | £188,829 | £198,271 | £211,158 | £221,716 |
| Warrington | £213,722 | £207,310 | £214,566 | £225,295 | £239,939 | £251,936 |
| Warwick | £296,252 | £287,365 | £297,423 | £312,294 | £332,593 | £349,223 |
| Watford | £347,397 | £336,975 | £348,769 | £366,207 | £390,011 | £409,511 |
| Waverley | £396,638 | £384,739 | £398,205 | £418,115 | £445,292 | £467,557 |
| Wealden | £330,930 | £321,002 | £332,237 | £348,849 | £371,524 | £390,100 |
| Welwyn Hatfield | £348,231 | £337,784 | £349,606 | £367,086 | £390,947 | £410,494 |
| West Berkshire | £324,109 | £314,386 | £325,390 | £341,659 | £363,867 | £382,060 |
| West Devon | £242,373 | £235,101 | £243,330 | £255,496 | £272,104 | £285,709 |
| West Dunbartonshire | £115,443 | £111,979 | £115,899 | £121,694 | £129,604 | £136,084 |
| West Lancashire | £184,414 | £178,882 | £185,143 | £194,400 | £207,036 | £217,388 |
| West Lindsey | £174,117 | £168,893 | £174,805 | £183,545 | £195,475 | £205,249 |
| West Lothian | £164,843 | £159,897 | £165,494 | £173,768 | £185,063 | £194,317 |
| West Northamptonshire | £245,642 | £238,273 | £246,613 | £258,943 | £275,775 | £289,563 |
| West Oxfordshire | £332,000 | £322,040 | £333,311 | £349,977 | £372,725 | £391,361 |
| West Suffolk | £252,424 | £244,851 | £253,421 | £266,092 | £283,388 | £297,557 |
| Westmorland and Furness | £189,130 | £183,456 | £189,877 | £199,371 | £212,330 | £222,946 |
| Wigan | £162,699 | £157,818 | £163,342 | £171,509 | £182,657 | £191,790 |
| Wiltshire | £265,313 | £257,353 | £266,361 | £279,679 | £297,858 | £312,751 |
| Winchester | £375,769 | £364,496 | £377,253 | £396,116 | £421,864 | £442,957 |
| Windsor and Maidenhead | £415,979 | £403,499 | £417,622 | £438,503 | £467,005 | £490,356 |
| Wirral | £171,875 | £166,718 | £172,554 | £181,181 | £192,958 | £202,606 |
| Woking | £350,465 | £339,951 | £351,849 | £369,442 | £393,456 | £413,128 |
| Wokingham | £394,904 | £383,057 | £396,464 | £416,288 | £443,346 | £465,514 |
| Wolverhampton | £177,750 | £172,417 | £178,452 | £187,374 | £199,554 | £209,531 |
| Worcester | £220,069 | £213,467 | £220,938 | £231,985 | £247,064 | £259,417 |
| Worthing | £282,088 | £273,625 | £283,202 | £297,362 | £316,691 | £332,525 |
| Wrexham | £176,738 | £171,436 | £177,436 | £186,308 | £198,418 | £208,339 |
| Wychavon | £255,778 | £248,104 | £256,788 | £269,627 | £287,153 | £301,511 |
| Wyre | £158,882 | £154,116 | £159,510 | £167,485 | £178,372 | £187,290 |
| Wyre Forest | £208,392 | £202,140 | £209,215 | £219,676 | £233,955 | £245,653 |
| York | £273,895 | £265,678 | £274,977 | £288,726 | £307,493 | £322,868 |
Help to Buy ISAs and LISAs: London limit is £450k
The Finder study also found that, by 2028, only 6 of the 32 London boroughs – could have an average house price for first-time buyers that is below the threshold for the Help to Buy ISA allowance. This stands at £450,000 in London, £200,000 higher than the rest of the UK, but
This equates to 81% of local authorities in London being priced out of the Help to Buy ISA benefits, despite the cap for properties in London sitting £200,000 higher than the rest of the UK at £450,000.
Below, you can explore how this will affect first-time buyers with a Help to Buy ISA in London.
| Local Authority | Average price 2023 | Estimated price 2024 | Estimated price 2025 | Estimated price 2026 | Estimated price 2027 | Estimated price 2028 |
|---|---|---|---|---|---|---|
| Barking and Dagenham | £329,713 | £319,822 | £331,016 | £347,567 | £370,158 | £388,666 |
| Barnet | £480,160 | £465,755 | £482,056 | £506,159 | £539,059 | £566,012 |
| Bexley | £354,589 | £343,952 | £355,990 | £373,790 | £398,086 | £417,990 |
| Brent | £448,222 | £434,775 | £449,992 | £472,492 | £503,204 | £528,364 |
| Bromley | £394,945 | £383,097 | £396,505 | £416,330 | £443,392 | £465,562 |
| Camden | £721,906 | £700,249 | £724,758 | £760,995 | £810,460 | £850,983 |
| City of Westminster | £876,710 | £850,409 | £880,173 | £924,182 | £984,253 | £1,033,466 |
| Croydon | £348,374 | £337,923 | £349,750 | £367,238 | £391,108 | £410,664 |
| Ealing | £468,780 | £454,716 | £470,631 | £494,163 | £526,283 | £552,598 |
| Enfield | £385,243 | £373,686 | £386,765 | £406,103 | £432,499 | £454,124 |
| Greenwich | £385,635 | £374,066 | £387,158 | £406,516 | £432,939 | £454,586 |
| Hackney | £591,289 | £573,550 | £593,624 | £623,306 | £663,821 | £697,012 |
| Hammersmith and Fulham | £673,826 | £653,611 | £676,487 | £710,312 | £756,482 | £794,306 |
| Haringey | £530,390 | £514,478 | £532,485 | £559,109 | £595,451 | £625,224 |
| Harrow | £422,446 | £409,772 | £424,114 | £445,320 | £474,266 | £497,979 |
| Havering | £357,594 | £346,866 | £359,007 | £376,957 | £401,459 | £421,532 |
| Hillingdon | £379,468 | £368,084 | £380,967 | £400,016 | £426,017 | £447,317 |
| Hounslow | £404,917 | £392,769 | £406,516 | £426,842 | £454,587 | £477,316 |
| Islington | £652,651 | £633,072 | £655,229 | £687,991 | £732,710 | £769,345 |
| Kensington and Chelsea | £1,144,002 | £1,109,682 | £1,148,521 | £1,205,947 | £1,284,333 | £1,348,550 |
| Kingston upon Thames | £452,253 | £438,686 | £454,040 | £476,742 | £507,730 | £533,116 |
| Lambeth | £484,879 | £470,333 | £486,794 | £511,134 | £544,358 | £571,576 |
| Lewisham | £392,124 | £380,360 | £393,672 | £413,356 | £440,224 | £462,235 |
| Merton | £493,660 | £478,851 | £495,610 | £520,391 | £554,216 | £581,927 |
| Newham | £403,096 | £391,004 | £404,689 | £424,923 | £452,543 | £475,170 |
| Redbridge | £399,857 | £387,861 | £401,436 | £421,508 | £448,906 | £471,351 |
| Richmond upon Thames | £590,987 | £573,257 | £593,321 | £622,987 | £663,481 | £696,655 |
| Southwark | £467,539 | £453,513 | £469,386 | £492,855 | £524,891 | £551,136 |
| Sutton | £362,936 | £352,048 | £364,370 | £382,589 | £407,457 | £427,830 |
| Tower Hamlets | £474,589 | £460,352 | £476,464 | £500,287 | £532,806 | £559,446 |
| Waltham Forest | £477,083 | £462,770 | £478,967 | £502,916 | £535,605 | £562,386 |
| Wandsworth | £538,806 | £522,642 | £540,934 | £567,981 | £604,900 | £635,145 |
When does the Help to Buy ISA end?
The deadline to open a Help to Buy ISA account closed in 2019, but existing savers can continue paying £200 a month into their account until November 2029 and they can claim the government bonus until December 2030.
Nationwide and Halifax house price indices
According to the Nationwide House Price Index, there was a 1.8% drop in the average house price between December 2022 and December 2023. However, the Halifax House Price Index showed 1.7% growth year-on-year, so there is a mixed picture when it comes to house price trends.
In December 2023, Nationwide registered the average house price as £257,443, not much change from November 2023 when it was £258,557. Meanwhile, the Halifax average house price was £287,105 in December 2023, a 1.1% increase from November 2023.
These monthly house price indices are based on mortgage lending and are thought to be less accurate than ONS data.
| Nationwide - Nov 2023 | Halifax - Nov 2023 | |
|---|---|---|
| Average house price | £259,423 | £283,615 |
| Annual change | -2.00% | -1.00% |
| Monthly change | 0.20% | 0.50% |
Are UK house sales slowing down?
Data from the Bank of England shows that mortgage approvals were down 26% year-on-year in November 2023 compared to November 2022. The housing market has slowed down due to successive hikes in the base rate, resulting in high mortgage rates. However, mortgage approvals were up 5% in November 2023 compared to October 2023.
| Month | Number of mortgage approvals |
|---|---|
| 31 Oct 21 | 67,724 |
| 30 Nov 21 | 69,175 |
| 31 Dec 21 | 54,797 |
| 31 Jan 22 | 52,362 |
| 28 Feb 22 | 63,783 |
| 31 Mar 22 | 81,514 |
| 30 Apr 22 | 65,822 |
| 31 May 22 | 71,769 |
| 30 Jun 22 | 74,695 |
| 31 Jul 22 | 68,384 |
| 31 Aug 22 | 75,824 |
| 30 Sep 22 | 67,781 |
| 31 Oct 22 | 56,456 |
| 30 Nov 22 | 46,676 |
| 31 Dec 22 | 29,954 |
| 31 Jan 23 | 29,342 |
| 28 Feb 23 | 40,272 |
| 31 Mar 23 | 60,964 |
| 30 Apr 23 | 46,495 |
| 31 May 23 | 57,240 |
| 30 Jun 23 | 64,958 |
| 31 Jul 23 | 53,023 |
| 31 Aug 23 | 48,063 |
| 30 Sep 23 | 44,293 |
| 31 Oct 23 | 48,823 |
Are house prices dropping in each UK region?
The housing market is different in each UK region, but all regions have seen a drop in house prices in the year to November 2023.
London is the region with the highest average house price but the region has also seen the biggest annual drop of 6% in house prices in the year to November 2023. The South West has also seen a big drop in house prices, which have fallen 4.1% year on year.
Although the North East is the region with the lowest average house price, it has seen the smallest drop in house prices, which have decreased by 0.4% in the year to November 2023.
| Region | Annual percentage change in house prices |
|---|---|
| North East | 0.20% |
| Yorkshire and The Humber | -0.30% |
| West Midlands | -0.40% |
| East Midlands | -0.60% |
| North West | -1.20% |
| South East | -1.70% |
| South West | -2.00% |
| London | -2.30% |
| East | -3.60% |
Methodology and sources
- ONS House Price Index
- Halifax House Price Index
- Nationwide House Price Index
- Bank of England
For all media enquiries, please contact
Matt Mckenna
UK communications manager
T: +44 20 3828 1338
UK communications manager
T: +44 20 3828 1338
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When will interest rates come down in the UK?
Some of the UK’s brightest minds in economics and property share their interest rate predictions ahead of the next Bank of England base rate meeting.
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Mortgage statistics 2024: Average UK mortgage size
From the average house price to how many outstanding mortgages there are, we explore all the latest mortgage statistics in the UK.
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Are mortgage payments cheaper than rent in the UK?
What are the average rent and mortgage costs in the UK? We’ve done the calculations to help you decide which is the more worthwhile investment.
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Buying a council house and the Right to Buy scheme
How the Right to Buy scheme works.
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Will an overdraft affect my mortgage application?
Learn how overdrafts affect your chance of being approved for a mortgage.
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London Airbnb statistics: How many Airbnbs are in the capital?
In 2022, the average price for an Airbnb listing in London is £188 per night.
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Compare the best fixed-rate mortgages UK 2024
Find out how you can benefit from a fixed-rate mortgage.
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How to remove someone’s name from a title deed
A change in personal circumstances may make it necessary to remove a name from a title deed. Here’s how you can go about it.