While the overall price change for all 30 million homes was an increase of £2,400, almost 6.9 million properties recorded a price increase of £10,000, according to analysis from Zoopla.
Meanwhile, just under six million homes saw broadly static prices over the year.
Regions with the strongest house price growth
As one of the most affordable regions in the country, seven in 10 homeowners in the North East saw the value of their home increase by an average of £4,300, with one in five seeing house price growth of £10,000 or more.
Peterlee in County Durham saw the highest proportion of properties registering higher home values, with 83% registering an increase of an average of £6,100.
Just over 60% of homeowners in the North West saw their properties increase in value by 1% or more, averaging £4,400 – the highest average gain across all regions and countries of Great Britain.
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The Cheshire area registered the largest value gains, with six in 10 homes in Congleton and Knutsford increasing in value by £10,000 or more.
In Scotland and Yorkshire and the Humber, six in 10 homes also gained value in 2024, with average increases of up to £19,300 (Biggar in Scotland), and £15,700 (Ripon in Yorkshire and the Humber).
Areas in Wiltshire, Gloucestershire and Oxfordshire enjoyed strong growth, with half of all homes registering price gains over 2024, while Berkhamsted in Hertfordshire saw the largest national average annual price increase at £24,500.
Where in the UK have house prices declined?
A third of UK homes – which equates to some 9.2 million, located mostly across Southern England – registered a drop in value of 1% or more.
Higher mortgage rates had the effect of reducing buying power in areas where borrower affordability was already squeezed.
Coastal towns in Kent and East Sussex were least likely to register price gains in 2024, with many towns seeing less than 10% of homes increase in value and more than three-quarters of homes registering small price falls.
The fading of the pandemic boom and subsequent search for additional space as more workers return to the office is behind the lacklustre market conditions, said Zoopla.
An additional factor blamed for the trend is the increase in second homeowners selling up in the face of a doubling in council tax from April, which is impacting pricing across many coastal towns.
Outlook for house price growth in 2025
Richard Donnell, executive director at Zoopla, said: “The housing market returned to growth in 2024, but the pattern of home value changes across Britain is far from uniform.
“There is headroom for prices to increase in markets where housing is affordable compared to incomes, which covers many parts of Northern England and Scotland. In contrast, affordability is more of a constraint on price rises in Southern England, where the market continues to adjust to higher borrowing costs. Faster income growth is helping to repair affordability supporting moving decisions in 2025.
“The momentum from 2024 is spilling into 2025 with a seven-year-high number of homes for sale. We expect more people to move home in 2025 than in 2024, despite uncertainty over the economic outlook and broadly static mortgage rates.”
This article was first published on YourMoney.com‘s sister site, Mortgage Solutions. Read: Half of UK home values rose by £7,600 in 2024
