North East region shows strongest price growth in 2024

January 10, 2025 by Brendan O'Neill

Surveys and Statistics

The North East was the region of the country that experienced the strongest growth in house prices throughout much of 2024, according to the latest piece of market research.

This research is the work of an estate agent called Yopa and it draws on data taken from the Office for National Statistics (ONS). What that data shows is that there was growth of 7.3% in North East house prices during the 10-month period between January and October. At the beginning of the year, the average price of a home in the region was £155,798. By the end of October, it had risen by £11,334 to £167,132.

That was the most impressive rate of house price inflation for any region of the UK. The regions in second place were Northern Ireland and the North West of England, which both saw growth of 6.7%. That left the average price in the North West at £225,360 by October, while in Northern Ireland it was £190,553.

London was the region of the UK that saw the lowest price growth across the 10 months in question. Prices there rose by 1.4%, taking them to £519,579.

Yopa CEO Verona Frankish told Mortgage Solutions that:

“Despite the ongoing challenges faced, particularly with respect to higher mortgage rates, it’s been a largely positive year for the UK property market.”

Mortgage advisors who have the CeMAP qualification will be pleased to see that price rises are not stopping buyers entering the market, especially as there are specialist lenders who can help.