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Nationwide: UK house prices up 3.2% year-on-year in September

ended 30. September 2024

The Nationwide house price index published this morning showed that UK house prices were up 3.2% year-on-year in September. It said: “Northern Ireland remained the best performer by some margin, with prices up 8.6% compared with Q3 2023. Scotland saw a noticeable acceleration in annual growth to 4.3% (from 1.4% in Q2), while Wales saw a more modest 2.5% year-on-year rise (from 1.4% the previous quarter). Across England overall, prices were up 1.9% compared with Q3 2023. Northern England (comprising North, North West, Yorkshire & The Humber, East Midlands and West Midlands), continued to outperform southern England, with prices up 3.1% year-on-year. The North West was the best performing English region, with prices up 5.0% year-on-year. Southern England (South West, Outer South East, Outer Metropolitan, London and East Anglia) saw a 1.3% year-on-year rise. London remained the best performing southern region with annual price growth of 2.0%. East Anglia was the only UK region to record an annual price fall, with prices down 0.8% year-on-year.” Any thoughts on the regional picture, and what prices are doing in your region or two and city, send them across ASAP and they will be sent to local and regional media.

9 responses from the Newspage community

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Dariusz Karpowicz
Director at Albion Financial Advice
No surprise here! With rates consistently dropping and the Bank of England holding them steady, the momentum in the housing market continues. The UK's property market is proving far more robust than those predicting a sharp decline expected. Northern Ireland’s 8.6% increase leads the way, showing there’s still strong demand. The North is catching up with 3.1% growth, while the South shows more modest gains. Even London is holding with a 2% rise. Despite dips in East Anglia, the overall resilience of the market proves how adaptable the UK housing sector truly is.
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Simon Bridgland
Director at Charwin Private Clients
Nationwide’s latest house price index, showing prices are up 3.2% year on year, is an indication that confidence is strong and affordability improving among the house buying public. Here in Kent and the surrounding counties, online property searches will have seen a steady stream of properties coming onto the market in recent months, with sellers eager to get a deal done. With interest rates continuing their steady march south, this is certainly incentivising borrowers and enabling them to get that first or next step on the housing ladder. Even first-time buyers can be left feeling a little excited by the increased loan amounts now available, with Nationwide showing how it can be done last week.
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David Stirling
Independent Financial Advisor at Mint Wealth
Northern Ireland continues to show strong growth as a region although some of this is due to the lack of property stock. Add a dearth of stock to growing demand and this may explain why house prices are rising here higher than elsewhere in the UK. Competition between buyers at estate agents is strong, with bidding still going far over asking price generally. Many are turning to co-ownership to help get on the property ladder. This makes sense when prices are increasing and mortgage interest rates remain high to keep the transaction affordable. However they cap the price they will help at £195k.
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Gabriel McKeown
Head of Macroeconomics at Sad Rabbit - Substack Newsletter
The North-South divide flips on its head with London's reign as property kingpin appearing over and Northern regions becoming the new property goldmines. The latest data shows a market defying expectations, recording its fastest growth in two years, however, not all regions are created equal. NI leads the charge with an impressive 8.6% growth, with the NW following closely at 5.0%, highlighting its growing appeal as a property hotspot. In contrast, London sees only a modest 2.0% rise, yet the disappointment is more severe in the SW, recording just a 0.6% increase. This regional disparity is further accentuated when examining different property types. Terraced houses have become the unlikely heroes of the housing market, meanwhile, detached homes, once the darlings of the pandemic-era have seen more moderate growth at 1.7%. As the UK housing market continues to confound expectations, the only certainty is uncertainty – and perhaps the enduring appeal of a terraced house in the North.
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Craig Fish
Director at Lodestone Mortgages
We have seen a steady increase in the flow of enquiries throughout the year, but it seems that stock levels have been stopping these turning into actual transactions. Many clients reporting a lack of suitable properties has meant that there is a lot of pent up demand which is why the properties that are coming to market are getting snapped up at close to or above asking price. Its definitly a sellers market in the capital.
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Ranald Mitchell
Director at bad credit mortgage specialists Charwin Mortgages
As the UK mortgage market fires on all cylinders, we've finally hit the tipping point. With rates dropping like dominoes, confidence has come roaring back, fueling a stampede of activity. Nationwide’s latest house price index shows that the market is on the up-and-up, with a solid 3.2% year-on-year rise. The market’s back in business.
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Hannah Bashford
Director at Model Financial Solutions
House price growth remains resilient but it’s interesting that in the South West and South East those properties on the higher end of the house price bracket are hanging around for longer. All eyes will be on the Autumn budget and whether a CGT increase will influence house prices in 2025.
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Iain Swatton
Director at Exemplar Financial Services
The September Nationwide House Price Index shows a 3.2% year-on-year rise in UK house prices, with significant regional differences. Northern Ireland continues to outperform, with prices up 8.6%, while Scotland saw a notable acceleration at 4.3%. In England, the northern regions led the way, particularly the North West, which posted a 5.0% rise. However, East Anglia remains the only region to see a slight decline, down 0.8% year-on-year.
Encouragingly, recent rate reductions are creating a more favourable environment for buyers, potentially boosting demand across the country. As borrowing costs fall, we’re seeing more interest in the market, which could stimulate both price growth and, hopefully, an improvement in housing supply. As demand strengthens, we may see increased listings that could help address current housing shortages
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Chris Baldrey-Chourio
Commercial Director at Beaufort Homes
UK bricks and mortar provides the foundations for growth! The South East takes point with performance driven in part by the growing number of new-build developments across the region. The surge in construction, particularly in commuter-friendly areas, has attracted a wave of homebuyers eager to secure modern, energy-efficient properties. In the home counties, new-builds are playing a significant role in shaping the secondary housing market, offering a fresh supply of homes to meet the high demand. New developments are not only boosting comparitve property values but are also enhancing the region's appeal providing a wider range of housing options, further solidifying its status as a desirable location for both families and professionals.