London house prices increase for the 1st time since April 2023

Posted on August 30, 2024   |  

London house prices have risen for the first time since April 2023, with a 0.2% year-on-year increase, making the average price £536,300.

In the UK, house prices grew by 1.4% in the first seven months of 2024, up from 0.1% in 2023, due to a 20% rise in buyer demand and a 23% increase in sales.

This market improvement is expected to push prices up by 2.5% throughout 2024.

Lower-value areas, like Wolverhampton (3%), Oldham (2.8%), and Wakefield (2.7%), saw the biggest price increases.

In Greater London, Merton saw the largest annual increase at 1.1%, followed by Greenwich (0.7%) and Lewisham (0.6%).

The City of London saw the biggest decrease at 2.3%, with Havering down 1.4% and Enfield down 1.3%.

About 20% of homes across the UK had their asking prices cut by at least 5%, and homes that were initially mispriced took twice as long to sell.