In 2024, London saw mixed property value trends, with some areas thriving while others struggled significantly
London: In 2024, property values in London had a bit of a rollercoaster ride. Only about 40% of homes saw their values go up by at least 1%. That’s pretty low compared to other places in the UK.
The average increase was just £600, which isn’t much at all. But it wasn’t the same everywhere. For instance, Waltham Forest had 64% of homes increasing in value, with an average gain of £8,700. On the flip side, Kensington and Chelsea saw 72% of properties drop in value, averaging a hefty £44,300 loss.
When you look at the UK as a whole, things were a bit brighter. About half of the homes across the country saw a value increase last year, which is a nice jump from 2023. That’s around 15 million homes, up from just over 10 million the year before.
Even though 2024 was a year of recovery for house prices, about a third of homes still faced declines of 1% or more. That’s over nine million properties. And nearly six million homes had prices that didn’t really change at all.
There’s still a clear north-south divide in property values. Southern England is lagging behind the rest of the country, with fewer homes seeing value increases. Higher mortgage rates are making it tough for buyers down south.
Overall, the average property value went up by £2,400 last year. Richard Donnell from Zoopla mentioned that while the housing market is bouncing back, the changes in home values aren’t the same everywhere.
He pointed out that there’s room for prices to rise in areas where homes are more affordable compared to incomes, especially in northern England and Scotland. But in southern England, affordability is a bigger issue, especially with those higher borrowing costs.
Looking ahead, faster income growth might help improve affordability, which could encourage more people to move in 2025.
So, if you’re curious about how property values changed across Britain in 2024, here’s a quick rundown: the North West saw an average increase of £4,400, while London only managed £600.
In terms of towns with the highest increases, Waltham Forest in London led the pack, while Kensington and Chelsea had the biggest drops. It’s a mixed bag, for sure!
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