UK Sold House Prices

The national average asking price for a home in July 2024 is £373,493. That's just under 1% higher than a year ago.

We track how the price of property coming to market changes every month in our House Price Index. It's the largest and most up-to-date view of what's happening to property prices House Price Index. It's the largest and most up-to-date view of what's happening to property prices.

The average asking price on Rightmove (how much a property's listed for) has increased by 20% across Great Britain over the past five years. This is because of an extremely busy market from the summer of 2020 through to the first quarter of 2022.

We're now in a slower housing market, which means that we're unlikely to see any significant price rises in 2024.

Our experts think that we might see a price drop of around 1% nationally in 2024.

It's important to remember that there are thousands of local markets where house prices differ from the national trend. These local markets can rise and fall. You can find out the average asking price in your area by checking our House Price Index report.

General inflation measures the price of goods and services bought by UK households. Typically, this means things like food and clothes. There are several ways to measure general inflation in the UK. The Consumer Price Index (CPI) is one of the most common and is published by the Office for National Statistics every month.

General inflation

People's confidence levels in their individual financial position can be affected by general inflation. And this in turn can impact the demand to buy a home. However, inflation increasing or decreasing doesn't necessarily mean that house prices will follow the same trend. This is because house prices can be affected by a number of related factors.

Supply and demand

Supply and demand is one of the key factors that affects house prices. It describes the level of demand there is for properties, compared with the supply, or number of homes there are available to buy.

Other reasons

House prices can also be affected by how easy it is to borrow money, as well as incentives from the government.

Over the past 20 years asking prices of homes across Great Britain have more than doubled, from just over £150,000 to around £360,000. This means that house price inflation has outpaced both general inflation and average salaries over the same period.

In 2024 so far, average asking prices are up the most in the North East of England compared to last year. Average asking prices in the North East are up by 4.6% compared to this time last year. Peterlee in County Durham (+15%), Linthorpe in Middlesborough (+8%) and Norton in Stockton-on-Tees (+7%) are the areas which have seen the most growth in asking prices compared to this time last year.

Next on the list is the North West of England, where average asking prices are now 3.5% higher than last year. Skelmersdale in Lancashire (+12%) and Ainsdale in Merseyside (+10%) have seen the biggest increase in asking prices compared to this time in 2023.

In third place is Wales, where average prices are 1.9% above last year. Llanishen in Cardiff, and Cardiff City Centre have seen the biggest jump in average asking prices compared to last year, with average asking prices 9% and 8% higher than the previous year respectively.

*Our latest available asking price data from Jan 2024.

HM Land Registry and Registers of Scotland are the government departments which register the ownership of land and property.

HM Land Registry updates their sold house prices data on the 20th day of each month. However, the time between the sale of a property and the registration of this information varies between a few weeks, and a number of months. Registers of Scotland processes the majority of cases within 35 days. So, in both cases, data for the two most recent months isn’t complete.

Once HM Land Registry and Registers of Scotland update their data, we typically update our sold prices within a few weeks, but this can sometimes take longer.