New data released today hints that London property prices might finally have turned a corner and started to increase again – the first time since April 2023. According to Zoopla, the city’s year-on-year increase sits at 0.2 per cent, with the average property price in the capital now standing at £536,300.
Across the UK as a whole, there was a rise of 1.4 per cent over the first seven months in 2024, a contrast to the first seven months of 2023 when prices only increased by 0.1 per cent. Other data supports a revival in the market with buyer demand reported to be up 20 per cent and sales agreed up 23 per cent year-on-year. As a result, Zoopla predicts that houseprices will be 2.5 per cent higher over 2024. That said, it’s a mixed picture regionally, with the South East and South West still in negative figures at -0.7 per cent and -0.6 per cent respectively.
