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Sold house prices are considered the most accurate indicator of the UK property market’s performance, with HM Land Registry being the most authoritative source. However, this data reflects transactions agreed upon several months prior, which may not always accurately depict current market conditions.

Major lenders such as Halifax and Nationwide also provide reliable house price data. Their figures are based on valuations at the mortgage approval stage, which, while potentially differing from actual sale prices, offer a closer snapshot to the end of the selling process than initial asking prices.

Zoopla, a prominent property website, publishes a house price index that combines sold prices, mortgage valuations, and data from agreed sales. This multi-faceted approach provides a broader view of market trends.

Latest House Price Reports:

• HM Land Registry: Annual house price increase of 3.4% as of October. Reports for November and December are pending.
• Nationwide: Annual house price increase of 4.7% in December.
• Halifax: Annual house price increase of 3.3% in December.
• Zoopla: Annual house price increase of 1.9% in November, with December’s report awaited.

There are notable regional variations in house price growth. The HM Land Registry highlights the fastest growth in Northern Ireland (6.2%), followed by Scotland (5.5%). In England, the North East leads with a 4.7% increase. Conversely, London experienced the lowest annual growth rate at 0.2%, with average house prices nearing £520,000, reflecting affordability challenges.

In Manchester, house prices have shown a solid upward trend, aligning with the broader growth in the North West. The region benefits from more affordable prices compared to the South of England, driving demand and supporting price increases.

Zoopla’s analysis for 2024 reveals that half of the UK’s 30 million homes increased in value, averaging a rise of £7,600. This is an improvement from 2023, where only 10.6 million homes saw value increases. Meanwhile, around 9.2 million UK homes experienced a price decline of 1% or more in 2024, a reduction from the 12.8 million homes that saw decreases in 2023.

For those in Manchester, the “house prices in your area” report from the Office for National Statistics can provide detailed insights into local market changes, helping residents and potential buyers better understand the specific dynamics of their local authority area.

14/01/2025