Zoopla: 10m UK homes increased in value by £5,000-plus this year

Half of all UK homes (15m) have increased in value in the first half of 2024 by 1% or more, research suggests.

It is the highest amount of homes to have increased since December 2022 – according to the latest analysis from Zoopla.

This means that in the past six months, the average home has increased by £2,400 to be worth £278,000.

The portal’s research found that a third of all UK homes (10m) have increased by £5,000 or more in the past six months - double the amount of homes who registered similar gains in the final six months of 2023 - whilst 8m homes (27%) have also kept their value stable.

Whilst 6.7m homes have also seen their value fall by at least 1% in the same period, this is only half of the 14m figure recorded in the latter half of 2023 - indicating that the property market is improving in 2024, Zoopla said.

Values are growing fastest in northern England: between 1.4% in Yorkshire and the Humber and 1.9% in the North East. 

Homeowners in Oldham Wakefield and Co. Durham were most likely to see the value of their homes increase in value by 1% or more since the start of 2024.

Homes valued below £150,000 have registered higher value growth (5%+) in the northern regions. Owners of terraced homes, in particular, are seeing more gains than owners of other property types as nearly a fifth of terraces went up in value by 5% or more since the beginning of 2024. These increases are driven by the popularity of value-for-money homes amongst buyers facing higher mortgage costs, Zoopla said.

It’s a different story in southern England where high mortgage rates have continued to impact affordability and fewer homes increased in value in the first half of the year. 

Zoopla’s analysis finds that the top 10% of the most expensive homes saw more gains than cheaper or average priced homes. In areas such as West-Central London, Watford and Bath, seven in 10 homes have increased by at least £5,000 or more since the start of the year. 

Izabella Lubowiecka, senior property researcher at Zoopla, said: “Growing buyer confidence and a rising volume of transactions in the first half of 2024 are translating into firming home values. Half of UK homeowners registered value increases this year - the highest proportion since December 2022. For many homeowners, it means equity gains which can unlock their next move."