Statistics have been released regarding UK house prices which shows how they change at different rates throughout the regions at different times of the year.

The UK House Price Index shows that throughout the UK prices increased by an average 1.8% for the year leading up to March 2024.

According to the report Scotland; Humber; Yorkshire and Northern Ireland areas grew at the fastest rate with London and the South East show house prices fell.

As of March 2024, the average house price in the UK is £282,776. The announcement of the General Election has prompted a growth in the number of homes for sale in the UK, which apparently is at an 8-year high. Statistics and research show that there were deliberate delays by homeowners in moving and buying other properties in the latter part of 2023. This, in the report, is directly attributed to the uncertainty of interest rates and the cost of other household bills.

Today, 1st June, also sees the abolition of Stamp Duty Multiple Dwelling Relief (MRD). Originally introduced in 2011 and presented as an aid to help investment into the residential property sector, the government discussed it’s future at the end of 2023. There were several options floated, but none of those suggested ending the relief completely. However, the Chancellor in March 2024 announced its demise. Concern within construction and property individuals, is that developers will have to pay additional amounts in the construction sector which could lead to abandonment or delays in building projects. This will also hinder those who are buying multiple dwellings at once, including properties where annexes or garages are deemed separate entities.