The ONS said that, in December 2024, average house prices increased in England to £291,000 (4.3% annual growth), in Wales to £208,000 (3.0%) and in Scotland to £189,000 (6.9%), in the 12 months to December 2024.
Annual UK house price growth accelerated in December, but some experts said that an unexpectedly big jump in inflation figures on Wednesday could start to dampen mortgage rates.
Richard Donnell, executive director at Zoopla, said: “Latest data from the ONS shows a strong growth in house prices driven by increased sales activity over 2024 and a stamp duty rush in the final quarter of 2024.
The average UK house price in December 2024 was £268,000, having increased by 4.6% annually, following a 3.9% rise in the 12 months to November, according to Office for National Statistics (ONS) figures.
Major lenders have brought sub-4% fixed mortgage rates back on the market in February following a recent cut in the Bank of England base rate – but some mortgage experts predicted deals at this level may now be short-lived.
