Average home values up £10k since 2023

The Office for National Statistics (ONS) reported UK house prices increased by an average of £10,000 in the year to October 2024. The report showed the value of a typical home to be an estimated £292,000, an annual increase of 3.4% compared to £282,000 recorded in October 2023.

In England the average house price increased by 3% year-on-year to £309,000. The highest regional increase was in Northern Ireland, where prices rose by 6.2% to £191,000. In Scotland, prices rose by 5.5% to £197,000, while in Wales there was a 4% increase to average house prices to £222,000.

However, monthly, property prices fell on average. In London, average property values were £7,000 lower between September and October, taking average prices in the capital down from £531,000 in August to £520,000 in October.

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