What’s happening to house prices in the UK?

Although house prices have slightly risen in 2024, any hope of a significant uplift in the property market has been delayed due to high mortgage rates. 

The Land Registry’s UK House Price Index is based on actual property sales, and according to recent figures, the average price of a UK property (£281,000 in April) shows an annual rise of 1.1%. The all-time high of average house prices was back in September 2022 (£292,000) and property has generally been decreasing rather than increasing in price. 

If you’re buying a property as a first-time buyer in the UK, the average sold price is £236,000. However, home movers already on the property ladder can expect to pay £326,000 on average demonstrating a gap of £90,000. 

The Average Price of Property in Lincoln

According to Rightmove, properties sold in Lincoln had an overall average price of £207,918 over the last year. The data is from asking prices set by sellers on the portal rather than sold prices.

Most property sales in Lincoln during the last year were terraced properties, selling for an average price of £157,670. Semi-detached properties sold for an average of £201,364 in the area, with detached properties in Lincoln fetching £297,135.

Overall, sold prices in Lincoln over the last year were 6% down on the previous year and 2% up on the 2021 peak of £213,234.

What is the UK Property Market like?

Last year, there was a marked drop in housing transactions but the property market appears to be picking up. According to HMRC, 91,290 transactions went through in May 2024, up 17% compared to May 2023.  

Demand from buyers fell last year due to high mortgage rates. However,  if you’re planning on buying a house in Lincoln, the slower market may mean you can negotiate a more agreeable purchase price. 

What will happen to UK house prices? 

At the beginning of the year, HSBC and Nationwide predicted prices would remain flat. Whereas Halifax, Rightmove and Zoopla forecasted a small drop between 1% and 3%. 

However, the most recent forecasts on what will happen to UK house prices in 2024 are more optimistic due to an easing of mortgage rates and a slight improvement regarding economic growth. 

Should I move to Lincoln?

Moving to Lincoln has never been easier. Our secure SureStore self-storage facility in Lincoln offers an innovative home storage solution, and a range of storage unit sizes, ideal for storing furniture and household items safely while you move. We also offer business storage in Lincoln. 

Discover a range of self-storage units in various sizes and suitable for customers looking for affordable home storage near North Hykeham, South Hykeham, Skellingthorpe, Bracebridge Heath and Waddington. 

Our self-storage experts are also always on hand to offer any assistance and help you to choose the right-sized home storage unit for your house move. Find SureStore Lincoln at Stephenson Road, North Hykeham, Lincoln LN6 3QU.