Good news for sellers in Scotland as house prices rose, but the market cooled across the rest of the UK, with London seeing a slight dip, according to the latest data from the Office for National Statistics (ONS)

The average UK house price in July 2024 was £290,000, a rise of £6,000 compared to July 2023. While this may sound like a lot, the rate of growth is slowing down. House prices rose by 2.2% in the year to July 2024, down from 2.7% in June 2024.

Scotland Leads the Way with 6% House Price Growth

Here’s a breakdown of the average house prices in July 2024 across the UK:

• England: £306,000 (up 1.6% from July 2023)
• Scotland: £199,000 (up 6% from July 2023)
• Wales: £218,000 (up 2% from July 2023)
• Northern Ireland: £185,000 (up 6.4% from Q2 2023)

As you can see, Scotland is the clear winner with a 6% rise in house prices. Northern Ireland also saw a significant rise, but figures are only available for the April to June quarter.

London Prices Dip Slightly

London was the only area in the UK to experience a slight decrease in house prices, down 0.4% compared to last year. The average price in the capital now sits at £520,747.

North East Sees Biggest Price Rise in England

In England, the North East saw the biggest jump in house prices, rising 3.8% in the year to July 2024. This means the average house price in the North East is now £164,555.

What’s Behind the Slowdown?

Experts believe the slowdown in house price growth is likely due to several factors, including the rising cost of living and higher interest rates, which made mortgages more expensive.

Is Now a Good Time to Buy or Sell?

Whether now is a good time to buy or sell depends on your individual circumstances and where you live. If you’re thinking of selling, it’s worth noting that the number of sales agreed in July 2024 was similar to July 2023, indicating a steady market. However, it’s always advisable to speak to a financial advisor to get personalised advice.

Other Interesting Facts:

• The number of mortgage approvals for house purchases increased in July 2024, suggesting continued demand in the housing market.
• First-time buyers now pay an average of £242,789 for a property in Great Britain, up 2.4% from July 2023.

The information in this article is intended for general information purposes only and does not constitute financial advice. You should always seek professional advice before making any financial decisions.