House prices posted a full year of consecutive quarterly growth, according to the latest Property Market Index Review by Benham and Reeves.
The research found a 3% annual growth in the property market, with London house prices rising by 0.9% year on year.
It also revealed that the average house price was £302,464 in Q4 2024, marking a 0.1% quarterly increase.
This completed a year of consistent quarterly growth compared to Q4 2023.
In London, house prices averaged £581,641 in the final quarter, declining by 1.1% compared to Q3 but still finishing the year 0.9% higher than Q4 2023.
Marc von Grundherr, director at Benham and Reeves, said: “Following a prolonged period of higher interest rates and economic uncertainty, many were quick to call the demise of the UK property market at the start of last year.
“This simply hasn’t been the case and, in fact, we’ve seen a full house of positive quarterly growth, with property values also gaining ground on an annual basis.
“This positivity has only continued as we’ve headed into 2025 and we’ve already seen market sentiment boosted by a further cut to interest rates.”
He added: “While we expect that the impending Stamp Duty deadline will help to quicken the pace of house price growth over the first three months of this year, the general consensus is that this growing momentum will continue to build beyond 1st April and we look set for another year of positive growth.
“At the same time, we’re continuing to see sustained growth across the rental market, with rental values climbing consistently.
“This has helped to boost the yields on offer to the nation’s buy-to-let investors and so it remains a very worthwhile endeavour, despite the uncertainty posed by the incoming Renters’ Rights Bill.”
