House prices, as measured by the UK House Price Index, increased by 2.8% between August 2023 and August 2024. On a seasonally adjusted basis, average house prices increased by 1.0% between July and August 2024.
House prices changed at different rates across the UK’s countries and regions over the year to August. House prices grew fastest in Northern Ireland, Scotland and the North West. Northern Ireland’s house prices are measured over a different period (the year to quarter 2 of 2024). House prices grew slowest in the South West, London and East of England.
Bank of England data on the number of mortgages approved to finance house purchases are a leading indicator of house sales.
Mortgage approvals for house purchases reached a lockdown-related record low in May 2020. Approvals then increased significantly towards the end of 2020 but are now lower. Mortgage approvals for house purchases in September 2024 were up 49% on a year ago and up 1% on August 2024.
There were 65,647 mortgage approvals in September 2024, compared with 43,958 in September 2023.
Housing starts and completions fell sharply in Q2 2020 reflecting the coronavirus lockdown. They are now higher.
There were 42,590 house building completions (seasonally adjusted) in England in Q2 2024, a 12% increase compared with the previous quarter, and a 12% increase compared with the same quarter of 2023.
There were 22,990 house building starts (seasonally adjusted) in England in Q2 2024, a 2% increase compared with the previous quarter, but a 65% decrease compared with the same quarter of 2023. This unusually low amount is likely due to house builders bringing forward the start of projects to avoid the costs of complying with new building regulatory standards, which caused a peak in Q2 2023 of 66,060 starts. The new standards, which relate to energy performance and electric vehicle charging point, were introduced from 15 June 2023.
Briefing from UK parliament data
