2025 UK House Prices - On The Up
As we start a new year it is reassuring to see that UK property prices continued to increase during 2024 with the latest statistics from the Nationwide House Price Index showing continued growth during December 2024.
The Index, which is reviewed monthly, reported an increase of up to 4.7% year on year in December 2024 with further growth of 2 to 4% anticipated during 2025.
Strong end to the year for UK house prices
Whether you are a first-time buyer or a homeowner looking to move to your next home, now is a good time to act especially with the stamp duty changes* coming into effect from 1st April 2025 and increasing the amount payable by all homebuyers.
Commenting on the figures, Robert Gardner, Nationwide's Chief Economist, said:
“UK house prices ended 2024 on a strong footing, up 4.7% compared with December 2023, though prices were still just below the all-time high recorded in summer 2022. House prices increased by 0.7% month on month, after taking account of seasonal effects, following a 1.2% rise in November."
Rachael Mitchell, a Licensed Conveyancer and Head of Residential Conveyancing at Lawson West commented,
“These recent statistics are great news and provide further reassurance that property is a valuable investment whether you are homeowners looking to move to your next home or first-time buyers just starting on the property ladder.”
At Lawson West our team of dedicated and expert Conveyancers understands that for most people your home is the biggest purchase you will ever make and we pride ourselves on the level of service we provide to our clients. Unlike many conveyancing firms, we carefully limit the number of clients we act for and ensure that all clients have a dedicated and experienced lawyer to represent them throughout the process.
Notes:
Stamp Duty Changes
*The temporary increase in the nil rate stamp duty thresholds (in England & Northern Ireland) will expire on 31 March 2025 and revert to their previous levels. For first time buyers purchasing a property of under £500,000, the nil rate band threshold will fall to £300,000 from £425,000 at present, while for other residential buyers, the nil rate band threshold will decline to £125,000, from £250,000. This means more purchasers will have to pay stamp duty.
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