Zoopla’s latest House Price Index, covering data from August, gives a positive picture for the UK property market moving forward.
According to Zoopla’s data, the average UK house price stood at £267,100 as of August. This is a year-on-year increase of 0.7%, or £1970 in cash terms.
Looking at the promising start to 2024, and the continued signs of recovery observed in the market, Zoopla predicts that the average UK house price is set to rise by 2.5% by the end of the year.
2023 was characterised as a challenging year for the UK property market, but signs of recovery have been promising throughout the year, with many experts reassessing their original gloomy predictions for the year to more optimistic ones. Earlier this year, Savills upgraded their 5-year UK capital growth forecast from 17.9% to 21.6%, with some regions predicted to outdo this average. North West topped the table with a forecast of 28.8% growth by 2028.