House price rises reported in early 2024

Last updated on 20 February 2024 by Claire Flynn

Are UK house prices rising?

There have been reports of average house prices rising in early 2024. Major mortgage lenders Nationwide and Halifax reported month-on-month increases in January of 0.7% and 1.3% respectively.

The property portal Zoopla also reported that they saw a strong uplift in seasonal buyer demand in the first few weeks of the year, sitting 12% higher than last year.

However, in their January House Price Index, Zoopla also confirmed that we are still in a buyer's market, and that they expect house prices in 2024 to be kept in check by a greater supply of homes for sale, mortgage rates remaining higher than a few years ago and sellers continuing to reduce their asking or sale price to attract interest.

Is it a good time to buy a property?

Whether it's a good time to buy a property really depends on you and your individual circumstances. If you are keen to make a move this year, keep an eye on your local property market so you're aware of the cost of the type of property you're after.

And make sure to work out what you can realistically afford to spend on a property, and on your mortgage payments each month. While rates have dropped a bit in early 2024, they remain much higher than a few years ago.