Huge UK house price movements recorded as rates slashed by major lenders
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UK house prices rose 4.7% in 2024, according to Nationwide
Britain's housing market showed unexpected strength last year, with house prices rising nearly 5%, although they remain below the levels seen before Liz Truss's 2022 mini-budget.
Nationwide, one of the UK’s major mortgage lenders, reported that the average house price increased by 0.7% in December, reaching ￡269,426.
This was significantly stronger than the 0.1% rise predicted by economists, marking four consecutive months of growth in property prices.
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London faces plunging home prices as remote work continues to rise
The City of London is facing a sharp decline in property values, creating uncertainty for investors and homeowners in what was once a highly desirable residential area.
After nearly a decade of consistent growth, with prices increasing 40.5% between 2013 and 2022, the financial district has seen a significant downturn.
According to the Wall Street Journal, sale prices in the area have dropped by over 10% in 2024, far exceeding the 2.5% fall recorded across inner London during the same period.
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Mortgage rates slashed by major lenders kicking off 'mini New Year rates war'
Several major lenders on the high street have reduced mortgage rates, signalling the start of potential price competition at the start of the year.
Leeds Building Society and Halifax have both introduced rate cuts across multiple mortgage products.
For existing customers, Leeds Building Society has lowered fixed residential rates by up to 0.24% and reduced selected Interest Only rates by up to 0.15%.
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Stoke-on-Trent heads house price growth in topsy-turvy year
Stoke-on-Trent saw the largest annual increase in house prices across the UK, with property values rising by 17.2%.
Data from Halifax revealed that more affordable areas of the country experienced the highest price growth, while pricier regions, including parts of central London and the southeast, saw declines over the 12 months leading to September.
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