UK House Prices Surge: Astonishing Performance and Investment Opportunities in 2024
As 2024 comes to a close, the UK real estate market is demonstrating strong growth potential. According to the latest report, house prices in December have risen by 4.7% compared to the previous year, reflecting the market's resilience and vitality.
Overall Market Performance
In 2024, house prices across the UK have generally risen, with the growth rate in the northern regions significantly outpacing that of the south. Northern Ireland has emerged as the standout performer, boasting an impressive annual growth rate of 7.1%. In contrast, East Anglia has shown the weakest performance, with a modest increase of just 0.5%.
Outstanding Performance of Manchester and Birmingham
In terms of major cities, the price growth in Manchester and Birmingham is particularly noteworthy. Manchester has recorded an annual growth rate of 5.9%, benefiting from economic vitality and population growth. Birmingham, on the other hand, has shown an increase of 4.7%, driven by the advancement of urban regeneration plans and rising housing demand.
Price Changes by Property Type
From the data on property types, terraced houses recorded the largest price growth over the past year, with an average increase of 4.4%. The price growth of apartments has rebounded, showing a 4.0% increase, indicating that there is still demand in the market for different types of properties. Although the price growth for detached houses is slightly lower than other types, with an annual increase of 3.2%, the prices of detached houses have risen nearly 27% since the first quarter of 2020, demonstrating their enduring appeal in the market.
Future Outlook
Looking ahead to 2025, the market is expected to experience fluctuations due to changes in stamp duty; however, as the economy steadily recovers, house price growth is anticipated to return to a range of 2-4%.
In summary, the performance of the UK real estate market at the end of 2024 presents a strong opportunity for investors, highlighting the market's robust rebound potential. With the gradual recovery of the economy and potential policy changes on the horizon, the UK real estate market will continue to attract the attention of both new and seasoned investors. For clients considering investing in overseas property, this is a moment not to be missed.
Sources: Nationwide