1. Headline statistics for December 2024

Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read Revisions to the UK HPI data.

In September 2024’s release, UK House Price Index (UK HPI) estimates were revised from January 2022 onwards by making use of price data processed outside the UK HPI’s normal 12-month revision period. In October 2024’s release, UK HPI returned to the usual 12-month revision period. Users should be aware that revisions may be larger than usual and should note the significantly greater uncertainty around new build prices.

Before the 19 February 2025 release, UK HPI had a reference period of January 2015. UK HPI price levels were derived by taking the January 2015 average price of a reference set of properties and applying individual period inflation rates to produce the full-time series. In February 2025’s release, January 2023 became the new reference period, to which individual period inflation rates were to produce the full-time series. From 19 February 2025’s release, the UK HPI indices report January 2023 = 100. Re-referencing shifts the price level series for each geography and breakdown by a constant percentage shift, but inflation rates are unaffected by re-referencing, as explained in Section 3: Methods used to produce the UK HPI in HM Land Registry’s Quality and methodology.

The UK HPI has been re-referenced because the types of property being sold can change over time. For example, between 2015 and 2023 the proportion of property transactions relating to sales of smaller properties increased (for example, there were proportionately more sales of flats than detached properties) and sales in more expensive parts of the UK proportionately decreased (for example, there were proportionately more sales in Scotland than in London). Updating the UK HPI reference period from January 2015 to January 2023 allows the UK HPI to better reflect the observed change in the type of properties currently being sold. This has led to a 7.9% downwards shift for the entire average UK price level series. The inflation rates for the UK series were unaffected by re-referencing.

2. Economic statement

Average UK house price annual inflation was 4.6% (provisional estimate) in the 12 months to December 2024, up from the revised estimate of 3.9% in the 12 months to November 2024.

The average UK house price was £268,000 in December 2024 (provisional estimate), which is £12,000 higher than 12 months ago. Average house prices in the 12 months to December 2024 increased in England to £291,000 (4.3%), increased in Wales to £208,000 (3.0%) and increased in Scotland to £189,000 (6.9%). The average house price increased in the year to Q4 (Oct to Dec) 2024 to £183,000 in Northern Ireland (9.0%).

On a non-seasonally adjusted basis, average UK house prices decreased by 0.1% between November 2024 and December 2024 compared with a decrease of 0.8% in the same period 12 months ago. On a seasonally adjusted basis, average house prices in the UK increased by 0.3% between November 2024 and December 2024.

Of English regions, annual house price inflation was highest in the North East, where prices increased by 6.7% in the 12 months to December 2024. London was the English region with the lowest annual inflation, where prices were unchanged (0.0%) in the 12 months to December 2024.

The Royal Institution of Chartered Surveyors’ (RICS’) December 2024 UK Residential Market Survey reported a slightly brighter picture seen over recent months remaining in place, with most activity metrics still in modestly positive territory.

The Bank of England’s Agents’ summary of business conditions - 2024 Q4 reported that the supply of properties for sale continues to improve, but purchasers do not, generally, see this as a good time to buy.

HM Revenue & Customs’ UK Property Transactions Statistics showed that in December 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 96,000. This is 18.7% higher than 12 months ago (December 2023). Between November 2024 and December 2024, UK transactions increased by 2.9% on a seasonally adjusted basis.

The Bank of England’s Money and Credit December 2024 release reported that mortgage approvals for house purchases, an indicator of future borrowing, increased by 500 to 66,500 in December 2024, following a fall of 2,300 in November 2024.

3. Price changes

3.1 Annual price change

Annual price change for UK by country over the past 5 years

Average UK house price annual inflation was 4.6% (provisional estimate) in the 12 months to December 2024, up from the revised estimate of 3.9% in the 12 months to November 2024.

The average UK house price was £268,000 in December 2024 (provisional estimate), which is £12,000 higher than 12 months ago. Average house prices in the 12 months to December 2024 increased in England to £291,000 (4.3%), increased in Wales to £208,000 (3.0%) and increased in Scotland to £189,000 (6.9%). The average house price increased in the year to Q4 (Oct to Dec) 2024 to £183,000 in Northern Ireland (9.0%).

3.2 Average price by country and government office region

Price, monthly change and annual change by country and government office region

Country and government office region	Price	Monthly change	Annual change
England	£290,564	0.0%	4.3%
Northern Ireland (Quarter 4 - 2024)	£183,259	1.5%	9.0%
Scotland	£188,807	-0.5%	6.9%
Wales	£208,197	-0.5%	3.0%
East Midlands	£242,036	0.5%	5.3%
East of England	£340,385	0.6%	4.4%
London	£548,939	-0.3%	0.0%
North East	£161,389	0.5%	6.7%
North West	£211,030	-0.4%	5.4%
South East	£383,605	0.6%	4.4%
South West	£305,843	-0.3%	3.8%
West Midlands Region	£244,369	-0.4%	4.2%
Yorkshire and The Humber	£203,983	-0.8%	5.9%

Price changes by country and government office region

On a non-seasonally adjusted basis, average UK house prices decreased by 0.1% between November 2024 and December 2024 compared with a decrease of 0.8% in the same period 12 months ago. On a seasonally adjusted basis, average house prices in the UK increased by 0.3% between November 2024 and December 2024.

3.3 Average price by property type

Average monthly price by property type

Property type	December 2024	December 2023	Difference
Detached	£440,190	£418,631	5.2%
Semi-detached	£270,847	£256,370	5.6%
Terraced	£223,808	£213,287	4.9%
Flat or maisonette	£196,361	£191,890	2.3%
All	£268,087	£256,177	4.6%

4. Sales volumes

Total transaction volumes and new build volumes available to calculate UK HPI estimates have increased recently. HM Land Registry has processed over 40% of HM Revenue & Customs’ provisional sales estimate for UK HPI’s first estimate in recent months, though transaction volumes for older periods and new build volumes remain lower than historical averages. Users should be aware that revisions may be larger than historically and should note the greater uncertainty around new build prices. Further information is available in HM Land Registry’s UK House Price Index summary.

4.1 Sales volumes

Number of sales volumes by country

Provisional UK HPI estimates for December 2024 are based on approximately 35,100 records for England, 6,200 for Scotland, and 1,900 for Wales. This represents 45% of HM Revenue & Customs’ provisional sales estimate for December 2024, as detailed in their Monthly property transactions completed in the UK with value of £40,000 or above estimates. Over time, more records will become available for recent periods, which will be used to revise UK HPI estimates and sales volumes, in line with the revision policy published by the Office for National Statistics and HM Land Registry.

Sales estimates from UK HPI differ from estimates from HM Revenue & Customs (HMRC) because of different data sources, revision period size and coverage. HMRC’s Quality report states there are likely to be inaccuracies in their data because of reporting or keying errors, such as misclassification between residential and non-residential transactions. However, HMRC take steps to reduce this measurement error. Another reason for differences could be that residential property transactions, where the buyer or seller is a corporate body, company or business, are excluded from UK HPI data, but included in HMRC data.

Further information on data sources, revision policy, methods and quality is available in HM Land Registry’s UK HPI guidance.

Comparing the provisional volume estimate for the current month with the revised volume estimate for the corresponding month in the previous year

Country	October 2024	October 2023
England	46,318	55,937
Northern Ireland	2,116	1,914
Scotland	9,240	7,829
Wales	2,515	3,093

Comparing the provisional UK HPI volume estimate for October 2023 with the provisional UK HPI volume estimate for October 2024, volume transactions increased by 25.1% in England, increased by 19.7% in Scotland and increased by 18.7% in Wales. Northern Ireland’s UK HPI volume transactions increased by 19.3% in the year to Quarter 4 2024.

UK Property Transaction Statistics published by HMRC (which differ in coverage but are more complete for this period) report that in the 12 months to October 2024, on a non-seasonally adjusted basis, HMRC volume transactions increased by 23.9% in England, increased by 19.7% in Scotland, increased by 20.0% in Wales and increased by 33.2% in Northern Ireland.

4.2 Sales volumes for the UK over the past 5 years

Sales volumes for 2020 to 2024 by country: October

Comparing the provisional UK HPI volume estimate for October 2023 with the provisional UK HPI volume estimate for October 2024, UK volume transactions increased by 23.7%.

UK Property Transaction Statistics published by HMRC (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, HMRC volume transactions for the UK increased by 23.6% in the 12 months to October 2024.

New build and existing resold property

Property status	Average price October 2024	Monthly change	Annual change
New build	£384,787	-1.2%	17.7%
Existing resold property	£262,503	-0.1%	2.2%

6. Buyer status for Great Britain

First time buyer and former owner occupier

For Great Britain only, Northern Ireland data is not available for buyer status.

Type of buyer	Average price December 2024	Monthly change	Annual change
First time buyer	£226,744	-0.4%	4.7%
Former owner occupier	£329,952	0.2%	4.4%

7. Funding status for Great Britain

Cash and mortgage

For Great Britain only, Northern Ireland data is not available for funding status.

Funding status	Average price December 2024	Monthly change	Annual change
Cash	£255,497	-0.1%	3.9%
Mortgage	£277,471	-0.1%	4.8%

8. Housing transaction distributions

Between July and September 2024, there were 183,863 property sales.

The most popular price range for:

• England was £225,000 - £249,999 – 9,531 properties were purchased
• Scotland was £125,000 to £149,999 – 2,710 properties were purchased
• Wales was £150,000 to £174,999 – 925 properties were purchased
• Northern Ireland was £150,000 to £174,999 – 835 properties were purchased

The charts below show the distribution of housing transactions for Q3 (July to September) 2024 for countries of the UK. Data for Great Britain is presented in bands of £25,000 up to £10 million, followed by a larger band for over £10 million. Data for Northern Ireland is presented in bands of £25,000 up to £500,000, followed by a larger band for over £500,000.

In line with the UK HPI revisions policy, the number of transactions will increase as more data are incorporated into the index, which would also impact the distributions presented in this analysis.

England housing transactions

Price band	Housing transactions
less than £25,000	38
£25,000 - £49,999	443
£50,000 - £74,999	1,667
£75,000 - £99,999	3,631
£100,000 - £124,999	5,144
£125,000 - £149,999	7,100
£150,000 - £174,999	8,516
£175,000 - £199,999	9,274
£200,000 - £224,999	9,057
£225,000 - £249,999	9,531
£250,000 - £274,999	9,110
£275,000 - £299,999	8,197
£300,000 - £324,999	7,393
£325,000 - £349,999	6,686
£350,000 - £374,999	6,229
£375,000 - £399,999	5,726
£400,000 - £424,999	4,927
£425,000 - £449,999	4,269
£450,000 - £474,999	3,827
£475,000 - £499,999	3,212
£500,000 - £524,999	2,711
£525,000 - £549,999	2,383
£550,000 - £574,999	2,275
£575,000 - £599,999	1,904
£600,000 - £624,999	1,783
£625,000 - £649,999	1,607
£650,000 - £674,999	1,336
£675,000 - £699,999	1,198
£700,000 - £724,999	1,088
£725,000 - £749,999	970
£750,000 - £774,999	974
£775,000 - £799,999	807
£800,000 - £824,999	747
£825,000 - £849,999	626
£850,000 - £874,999	641
£875,000 - £899,999	517
£900,000 - £924,999	502
£925,000 - £949,999	423
£950,000 - £974,999	406
£975,000 - £999,999	348
£1,000,000 - £1,249,999	1,989
£1,250,000 - £1,499,999	1,221
£1,500,000 - £1,749,999	682
£1,750,000 - £1,999,999	383
£2,000,000 - £4,999,999	783
£5,000,000 - £9,999,999	65
greater than £10,000,000	12

Scotland housing transactions

Price band	Housing transactions
less than £25,000	103
£25,000 - £49,999	576
£50,000 - £74,999	1,428
£75,000 - £99,999	2,076
£100,000 - £124,999	2,377
£125,000 - £149,999	2,710
£150,000 - £174,999	2,513
£175,000 - £199,999	2,279
£200,000 - £224,999	1,917
£225,000 - £249,999	1,820
£250,000 - £274,999	1,572
£275,000 - £299,999	1,306
£300,000 - £324,999	1,131
£325,000 - £349,999	931
£350,000 - £374,999	743
£375,000 - £399,999	639
£400,000 - £424,999	507
£425,000 - £449,999	396
£450,000 - £474,999	326
£475,000 - £499,999	271
£500,000 - £524,999	208
£525,000 - £549,999	133
£550,000 - £574,999	151
£575,000 - £599,999	120
£600,000 - £624,999	97
£625,000 - £649,999	78
£650,000 - £674,999	81
£675,000 - £699,999	73
£700,000 - £724,999	79
£725,000 - £749,999	52
£750,000 - £774,999	42
£775,000 - £799,999	35
£800,000 - £824,999	31
£825,000 - £849,999	15
£850,000 - £874,999	28
£875,000 - £899,999	23
£900,000 - £924,999	19
£925,000 - £949,999	16
£950,000 - £974,999	18
£975,000 - £999,999	19
£1,000,000 - £1,249,999	51
£1,250,000 - £1,499,999	39
£1,500,000 - £1,749,999	19
£1,750,000 - £1,999,999	8
£2,000,000 - £4,999,999	7
£5,000,000 - £9,999,999	2

Wales housing transactions

Price band	Housing transactions
less than £25,000	0
£25,000 - £49,999	30
£50,000 - £74,999	127
£75,000 - £99,999	330
£100,000 - £124,999	637
£125,000 - £149,999	854
£150,000 - £174,999	925
£175,000 - £199,999	870
£200,000 - £224,999	717
£225,000 - £249,999	641
£250,000 - £274,999	529
£275,000 - £299,999	427
£300,000 - £324,999	333
£325,000 - £349,999	319
£350,000 - £374,999	232
£375,000 - £399,999	216
£400,000 - £424,999	154
£425,000 - £449,999	131
£450,000 - £474,999	102
£475,000 - £499,999	83
£500,000 - £524,999	49
£525,000 - £549,999	70
£550,000 - £574,999	42
£575,000 - £599,999	51
£600,000 - £624,999	30
£625,000 - £649,999	30
£650,000 - £674,999	13
£675,000 - £699,999	18
£700,000 - £724,999	15
£725,000 - £749,999	16
£750,000 - £774,999	16
£775,000 - £799,999	17
£800,000 - £824,999	7
£825,000 - £849,999	6
£850,000 - £874,999	10
£875,000 - £899,999	11
£900,000 - £924,999	4
£925,000 - £949,999	4
£950,000 - £974,999	3
£975,000 - £999,999	2
£1,000,000 - £1,249,999	15
£1,250,000 - £1,499,999	5
£1,500,000 - £1,749,999	0
£1,750,000 - £1,999,999	1
£2,000,000 - £4,999,999	1

Northern Ireland housing transactions

Price band	Housing transactions
less than £25,000	5
£25,000 - £49,999	56
£50,000 - £74,999	218
£75,000 - £99,999	511
£100,000 - £124,999	665
£125,000 - £149,999	809
£150,000 - £174,999	835
£175,000 - £199,999	819
£200,000 - £224,999	470
£225,000 - £249,999	456
£250,000 - £274,999	321
£275,000 - £299,999	260
£300,000 - £324,999	164
£325,000 - £349,999	145
£350,000 - £374,999	105
£375,000 - £399,999	101
£400,000 - £424,999	73
£425,000 - £449,999	50
£450,000 - £474,999	46
£475,000 - £499,999	42
greater than £500,000	196

9. Access the data

Download the data as CSV files or access it with our UK HPI tool.

Data revisions

View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI.

10. About the UK House Price Index

The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.

Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.

Find out more about the UK House Price Index.

A key determinant of house prices is the demographic characteristics of the area in which the property is located. The UK HPI uses the socio-demographic classification, known as Acorn, in the hedonic regression model to measure the affluence of the area.

Prior to 20 December 2023’s publication, property transactions in Great Britain were excluded from the regression model if their Acorn classification was missing. From 20 December 2023’s publication, these properties are included in the regression model from January 2023’s data onwards, but are given less weight in the calculations, as described above. This methodology improvement aligns how transactions with missing Acorn classification are used in the Great Britain model and Northern Ireland model, increasing coherence across the UK and improving the quality of UK HPI statistics.

11. Contact