The House of Commons Library has released its detailed overview of recent trends in the UK housing market, including house prices, mortgage approvals, and housing starts and completions.

It can be seen here, and here’s a concise summary:

House Prices

• Annual Growth (September 2023 to September 2024):
  • Increased by 2.9%.
  • Regional Variation:
    • Fastest Growth: North East, Northern Ireland, and Scotland.
      • Northern Ireland’s data is for Q3 2024.
    • Decline: London experienced falling house prices.
• Monthly Change (Seasonally Adjusted):
  • Decreased by 0.1% between August and September 2024.

House Price Index and Mortgage Approvals

• Mortgage Approvals as Leading Indicator:
  • A sharp rebound from the lows of the COVID-19 pandemic.
  • September 2024 Data:
    • 65,647 approvals, up 49% compared to September 2023.
    • 1% increase from August 2024.

House Building Activity

Completions (Seasonally Adjusted):

• Q2 2024:
  • 42,590 completions in England, up 12% quarter-on-quarter and year-on-year.

Starts (Seasonally Adjusted):

• Q2 2024:
  • 22,990 starts, up 2% from Q1 2024.
  • 65% decrease compared to Q2 2023.
    • Decline attributed to:
      • A surge in starts during Q2 2023, as builders aimed to avoid compliance costs related to new regulations introduced on 15 June 2023.
      • New standards require:
        • Improved energy performance.
        • Electric vehicle charging points.

Context and Further Data

This analysis is part of the Economic Indicators series, providing insights into broader economic trends. For additional context, visit the main Economic Indicators page.