HOUSE prices soared for millions in 2024 – and some hotspots saw growth of up to £2,041 a month.
Properties in Berkhamsted, Hertfordshire, went up by an average value of £24,500 across the year, according to new data from Zoopla.
[iframe src=”https%3A%2F%2Fdatawrapper.dwcdn.net%2FOVasB%2F3%2F” height=”700″ /]Meanwhile, homes in Waltham Forest, London, spiked by an average of £725 a month across the 12-month period.
House prices in Carluke, Scotland, soared by an average of £741 a month, which is around £8,900 a year.
East Midlands town Glossop also recorded strong house price growth, with the average price rising by £583 a month.
Peterlee in the North East, Blackburn in the North West and Thame in the South East were three other hot spots where the value of homes soared dramatically.
Yearly prices there grew by £6,100, £8,100 and £5,600, respectively.
The data from Zoopla also revealed half of the UK’s 30million homes increased in value in 2024 as house prices returned to growth following a fall over 2023 due to higher mortgage costs.
Costs soared in 2023 after the Bank of England (BoE) hiked its base rate to a peak of 5.25%, which was passed on to mortgage holders.
A total of 15million properties spiked in value by 1% or more last year, up 42% from 10.6million homes in 2023.
The average increase in the value of these homes was £7,600.
Meanwhile, almost seven million homes recorded a price increase of £10,000 or more across the 12 month period.
[bc_video account_id=”5067014667001″ application_id=”” aspect_ratio=”16:9″ autoplay=”” caption=”How you can buy furniture for FREE using supermarket tip after we bought our £266,000 first-home” embed=”in-page” experience_id=”” height=”100%” language_detection=”” max_height=”360px” max_width=”640px” min_width=”0px” mute=”” padding_top=”56%” picture_in_picture=”” player_id=”default” playlist_id=”” playsinline=”” sizing=”responsive” video_id=”6357418008112″ video_ids=”” width=”640px”]However, 9.2million homes recorded a price decline of 1% or more, compared to 12million in 2023.
The price of six million homes remained the same, Zoopla said, meaning they went up or down by less than 1%.
Richard Donnell, executive director at Zoopla, said: “The housing market returned to growth in 2024 but the pattern of home value changes across Britain is far from uniform.
“There is headroom for prices to increase in markets where housing is affordable compared to incomes which covers many parts of northern England and Scotland.
“In contrast, affordability is more of a constraint on price rises in Southern England, where the market continues to adjust to higher borrowing costs.”
[authenticated-scripts src=”%3Cscript%20class%3D%22palin-poll%22%20src%3D%22https%3A%2F%2Fwww.thesun.co.uk%2Fpollingwidgets%2Fv3%2Fwidget.js%3Fquestion_id%3D102816%26game%3Dpolling%22%3E%3C%2Fscript%3E” type=”embedded” width=”100″ /]How did house prices change regionally?
Zoopla said a clear North-South divide remained in place in house price terms.
The property website said just 36% of homes in Southern England increased in value by over 1% across the year.
That’s compared to three in five in Northern England and Scotland rising in price by more than the same percentage in 2024.
Zoopla said house prices in the north of England increased by an average of £4,300, with one in five homeowners seeing growth of £10,000 or more.
Meanwhile, 63% of homes in the North West of England increased in value by 1% or more, averaging price rises of £4,400.
In Scotland and Yorkshire and the Humber, six in ten homes also gained value in 2024, with average increases of up to £19,300.
What’s next for house prices?
Zoopla has previously suggested house prices will rise by 2.5% on average in 2025 with the level of growth varying based on region.
The ongoing North-South divide could mean there is lower house price growth in Southern England and higher growth in other regions.
This is because of the affordability of housing across the UK and how much house prices have risen in comparison to household incomes.
House prices in London have climbed by 83% since 2010.
In the same period, property prices rose by 70% across the Southern regions, 66% across the Midlands and 56% in Wales.