Record-High UK House Prices in March 2024: Insights for Homeowners

26th June 2024
Home > News > Record-High UK House Prices in March 2024: Insights for Homeowners

The UK housing market remains in a robust mood

As of March 2024, the average house price in the UK has reached a new peak of £282,753, reflecting a robust increase over the past year that is nearly on par with average earnings. For homeowners in Darlington considering selling their property, this surge in house prices presents a significant opportunity.

Substantial Growth Since Lockdown

Over the past two years, since the initial COVID-19 lockdowns ended, house prices across the UK have soared by an impressive 18.2%, translating to an average increase of £43,577.

Monthly and Annual Increases

In just the past month, property values have climbed by 1.4%, which amounts to an average rise of £3,860.

On an annual basis, house prices have seen an 11.0% boost compared to last year.

Demand for Spacious Homes

The pandemic has significantly shifted buyer preferences towards properties with more space. This trend is evident in the varying price increases across different types of homes.

Price Increases by Property Type

Flats: The average price of flats has risen by 10.6%, or £15,404, over the past two years. This growth is notable but relatively modest compared to larger properties.

Detached Houses: These properties have experienced the highest demand and the most significant price hike. The average price of a detached house has surged by 21.3%, or £77,717, during the same period.

What This Means for Darlington Homeowners

The current market conditions are of interest for those looking to sell their home. The substantial increases in house prices mean that homeowners can expect to achieve higher sale prices compared to previous years. If you own a detached property, the potential gains are even more pronounced, given the significant rise in value for such homes.

Strategic Selling Tips

Highlight Space and Features: Given the increased demand for spacious homes, emphasize the size and unique features of your property in listings and viewings.

Market Trends Awareness: Stay informed about local market trends and average prices to set a competitive yet realistic asking price.

Professional Valuation: Consider getting a professional property valuation to accurately determine your home's current market value and make informed decisions.

For tailored advice and expert support in navigating the Darlington property market, contact Anothony Jones today.

Russell Galley, managing director of Halifax, said: “The new record price of £282,753 is up some £28,113 on a year ago, not far off average UK earnings over the same period (£28,860). The story behind such strong house price inflation remains unchanged: limited supply and strong demand, despite the prospect of increasing pressure on households’ finances. Although there is some recent evidence of more homes coming on to the market, the fundamental issue remains that too many buyers are chasing too few properties.”

Russell Galley also spoke about the long-term impact, saying “we know the performance of the housing market remains inextricably linked to the health of the wider economy. There is no doubt that households face a significant squeeze on real earnings, and the difficulty for policymakers in needing to support the economy yet contain inflation is now even more acute because of the impact of the war in Ukraine.”

Russell concluded by saying; “Buyers are therefore dealing with the prospect of higher interest rates and a higher cost of living. With affordability metrics already extremely stretched, these factors should lead to a slowdown in house price inflation over the next year.”

Contact Anthony Jones for all Darlington property matters

If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.

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