Yorkshire and Humber properties increase by 5.9% according to new ONS report

Analysis by online estate agents Purplebricks can reveal the places where property values have increased both month-on-month and year-on-year, according to the latest House Price Index

Homeowners across the UK have seen the value of their properties increase by £12,328 or 4.6% in the 12 months from December 2023 to December 2024.

This rise came despite a miniscule 0.1% decrease from November to December last year, according to today’s report from the Office for National Statistics (ONS).

Homeowners in the north of England have plenty to celebrate. Homes in the North-East are worth an average of £161,389 after a 6.7% rise, while homes in the North-West are worth £211,030 after a 5.4% rise.

Yorkshire and Humber properties increased by 5.9%, according to the ONS report, making the average home worth around £203,983.

Welsh homes also witnessed an increase in their prices with the average home now worth £208,197.

Homes north of the border in Scotland saw an annual increase of 6.9% with plush Stirling the biggest winner gaining almost £25,000 over the last year with homes now costing on average £237,088.

Scottish homes are worth an average of £188,807, according to the report published today by the ONS. .

Jo Pocklington, managing director of Purplebricks said: “With house prices rising, it may appear very much a sellers’ market at the moment but first-time buyers should not be perturbed.

“We are still seeing mortgage rates reducing and lenders enhancing their criteria to help get more first-time buyers onto the ladder.

“And, with a further Bank of England base rate cut on the horizon, it looks like 2025 could be a great time for Brits hoping to secure their first home.”

Tom Evans, sales director at Purplebricks Estate Agency said: “Excellent news for UK homeowners with another year-on-year price rise in today’s report.

“While the Bank of England’s base rate cut to 4.5% - its lowest for 18 months - offers more comfort to buyers and homeowners, we will have to wait to see what the full impact of the change in stamp duty does to the property market.

“However, assuming demand remains as strong, the likelihood is that buyers will be prepared to swallow those extra stamp duty fees in pursuit of their next home.”