There is one city in the UK where house prices have fallen in the month of November, but across 18 other major cities, values have continued to grow
Across the UK, house prices have continued to increase – for the most part. There is one city that saw values fall in November 2024, but even in areas where there has been growth, it hasn’t all been equal.
When it comes to selling or buying a home, it’s important to keep track of house prices in the areas you are interested in living – and for a lot of people, stagnant growth and high prices are pushing them out of their dream areas, forcing them to look further afield. This is particularly the case in London and the South of England, where homes have been deemed “over-valued”.
Despite the fact that many high-earners live in Southern England, wages have not been growing fast enough to allow many households to get onto the property market. Due to house prices already being high, the pool of people who can afford to buy them is limited to people with high salaries, which means that demand for homes is slow, and places a limit on the potential of properties to increase in value, according to the property experts at Zoopla.
The experts predict that in Southern England, we can expect this trend to continue, whereas in the North values are increasing more rapidly. Whilst growth is stagnating in the south, there is only one city in the UK that saw property values actually fall in November 2024: Aberdeen. However, despite bucking the trend of price rises in the Northern parts of the UK, the Scottish industrial port city has only seen prices fall a small amount – 0.6 percent.
However, other southern towns have seen prices fall too in line with the general trends, including towns like Ipswich, Truro, and Dartford – whilst these price drops were not too dramatic – between 1.1 and 1.2 percent – they indicate to the experts that wage growth is a serious factor, and one that if there is no improvement “We expect house price growth in southern England to under-perform the UK average over 2025 and into 2026.”
It’s not all bad news for homeowners, however, with sellers outside of this lagging area seeing some impressive increases – for instance, Belfast saw prices rise by 6.3 percent and Manchester by 3.1 percent. Read the full list from Zoopla’s House Price Index report for November 2024 below.
- Belfast +6.3 percent
- Manchester +3.1 percent
- Glasgow +2.8 percent
- Liverpool +2.6 percent
- Leeds +2.2 percent
- Newcastle +2.2 percent
- Birmingham +2.1 percent
- Sheffield +2.0 percent
- Cardiff +1.8 percent
- Nottingham +1.8 percent
- Bristol +1.3 percent
- Oxford +1.2 percent
- Southampton +1.0 percent
- Cambridge +1.0 percent
- Leicester +1.0 percent
- Edinburgh +0.9 percent
- Bournemouth +0.8 percent
- Portsmouth +0.1 percent
- Aberdeen -0.6 percent
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