New research from Zoopla reveals a robust first half of 2024 for the UK property market, with half of all UK homes (15 million) increasing in value by 1% or more. This marks the highest increase since December 2022 and signals a promising outlook for property investors.
1. Overall Growth: The average UK home value increased by £2,400, reaching £278,000 in the past six months.
2. Significant Gains: One-third of UK homes (10 million) saw value increases of £5,000 or more, doubling the number from the last six months of 2023.
3. Stable Values: 8 million homes (27%) maintained their value, highlighting market stability.
4. Fewer Declines: Only 6.7 million homes saw a value decrease of at least 1%, half of the 14 million figure recorded in the latter half of 2023.
1. Northern England Leads: Values are growing fastest in the North East (1.9%) and Yorkshire and the Humber (1.4%).
2. Top Performing Areas: Homeowners in Oldham, Wakefield, and Co. Durham saw the most significant value increases.
3. Affordable Homes: Properties valued below £150,000, particularly terraced homes, saw growth of 5% or more due to their appeal to cost-conscious buyers facing higher mortgage rates.
Izabella Lubowiecka, senior property researcher at Zoopla, commented: “Growing buyer confidence and a rising volume of transactions in the first half of 2024 are translating into firming home values. Half of UK homeowners registered value increases this year - the highest proportion since December 2022. For many homeowners, it means equity gains which can unlock their next move."
For property investors, particularly in northern England and high-value areas in the South, these findings offer significant opportunities. The increase in property values, coupled with stable and growing market confidence, suggests a favorable environment for investment.
Stay tuned to Magnate Assets for more insights and investment opportunities as the UK property market continues to show strength and resilience in 2024.