UK House Prices Rise in 2024 Amid Market Challenges
UK: UK house prices rose by 4.7% in 2024, with the average property valued at GBP 269,426 (USD 339,000) by year-end, though prices remain below their mid-2022 peak. Northern Ireland recorded the fastest regional price growth, while terraced homes showed the strongest performance nationwide. Market uncertainties around interest rates and stamp duty adjustments are expected to shape 2025, creating challenges for buyers and sellers.
Upcoming changes in April 2025 will lower the stamp duty threshold for buyers in England and Northern Ireland to GBP 125,000 (USD 157,000) and reduce the tax-free limit for first-time buyers to GBP 300,000 (USD 378,000). Anticipated interest rate reductions by the Bank of England may ease borrowing costs, but economic uncertainty persists.
Source: BBC