The House of Commons Library has published the latest UK Housing Market and Economic Indicators Summary. It can be seen here, and says:
UK Housing Market and Economic Indicators Summary
House Prices:
- Annual Increase: House prices rose by 3.4% from October 2023 to October 2024.
- Monthly Change: A 0.5% seasonally adjusted increase between September and October 2024.
- Regional Trends:
- Fastest growth: Northern Ireland, North East, and Scotland.
- Slowest growth: London, South East, and South West.
Mortgage Approvals:
- Annual Comparison: November 2024 approvals rose by 31% compared to November 2023.
- Monthly Change: Approvals fell by 4% from October 2024 to November 2024.
- Total Approvals: 65,720 in November 2024, up from 50,167 a year earlier.
House Building Activity:
- Completions (Q2 2024):
- 42,590 completions (seasonally adjusted), up 12% both quarterly and annually.
- Starts (Q2 2024):
- 22,990 starts (seasonally adjusted), a 2% quarterly increase but a 65% annual decrease.
- The sharp annual decline is attributed to builders advancing projects in 2023 to comply with new regulatory standards introduced in June 2023.
Regulatory Impact:
- New Standards: Enforced from 15 June 2023, covering:
- Enhanced energy performance.
- Requirements for electric vehicle charging points.
Trends Summary:
- House prices are experiencing steady growth, with regional variations.
- Mortgage approvals show an annual recovery but slight monthly decline.
- Completions are increasing, while starts show volatility due to regulatory adjustments.
