Sold House Prices | See UK House Prices Online (2024)

May House Price Index

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The national average asking price for a home in January 2024 is £359,748. That's just under 1% lower than a year ago.

We track how the price of property coming to market changes every month in our House Price Index. It's the largest and most up-to-date view of what's happening to property prices.

The average asking price on Rightmove (how much a property's listed for) has increased by 20% across Great Britain over the past five years. This is because of an extremely busy market from the summer of 2020 through to the first quarter of 2022.

We're now in a slower housing market, which means that we're unlikely to see any significant price rises in 2024.

Our experts think that we might see a price drop of around 1% nationally in 2024.

It's important to remember that there are thousands of local markets where house prices differ from the national trend. These local markets can rise and fall. You can find out the average asking price in your area by checking our House Price Index report.

General inflation measures the price of goods and services bought by UK households. Typically, this means things like food and clothes. There are several ways to measure general inflation in the UK. The Consumer Price Index (CPI) is one of the most common and is published by the Office for National Statistics every month.

General inflation

People's confidence levels in their individual financial position can be affected by general inflation. And this in turn can impact the demand to buy a home. However, inflation increasing or decreasing doesn't necessarily mean that house prices will follow the same trend. This is because house prices can be affected by a number of related factors.

Supply and demand

Supply and demand is one of the key factors that affects house prices. It describes the level of demand there is for properties, compared with the supply, or number of homes there are available to buy.

Other reasons

House prices can also be affected by how easy it is to borrow money, as well as incentives from the government.

Over the past 20 years asking prices of homes across Great Britain have more than doubled, from just over £150,000 to around £360,000. This means that house price inflation has outpaced both general inflation and average salaries over the same period.

In 2023, asking prices rose the most in Scotland, where they are now 5.3% higher than the beginning of last year. Motherwell, in Lanarkshire and Aberdeen City Centre are the areas in Scotland with the highest asking price growth, with prices up by 10% and 7% respectively compared to 2022.

Next on the list is the North West of England, where average asking prices are now 1.2% higher than last year. Wavertree and Crosby in Liverpool have seen the biggest increase in asking price compared to 2022, with average prices up by 8% and 6% respectively.

In third place is Wales, where prices rose by 0.9% last year. Whitchurch and St Mellons in Cardiff saw the biggest jump in prices in 2023, with average asking prices 10% and 5% higher than the previous year respectively.

*Our latest available asking price data from Jan 2024.

HM Land Registry and Registers of Scotland are the government departments which register the ownership of land and property.

HM Land Registry updates their sold house prices data on the 20th day of each month. However, the time between the sale of a property and the registration of this information varies between a few weeks, and a number of months. Registers of Scotland processes the majority of cases within 35 days. So, in both cases, data for the two most recent months isn’t complete.

Once HM Land Registry and Registers of Scotland update their data, we typically update our sold prices within a few weeks, but this can sometimes take longer.