That’s according to Zoopla, which added that buyer demand (+20%) and sales agreed (+23%) were also up on last year.
It added that house prices are now on track to be 2.5% higher over 2024. The annual rate of growth remains lower than this, at 0.5%, because it includes price falls over the latter part of 2023.
Regional split
The improvement in house prices over the year to date is being felt across most areas of the country, said Zoopla.
Annual house price inflation ranges from -0.9% in the East of England to +5.1% in Northern Ireland.
Price inflation is now positive in London (+0.2%), while prices are posting small falls in the South East (-0.7%), South West (-0.6%) and East Midlands (-0.1%).
House prices have risen faster than the national average in lower-value and more affordable housing markets close to larger cities in England, including Wolverhampton (WV, 3%), Oldham (OL, 2.8%), and Wakefield (WF, 2.7%).
Overall, annual property price inflation is positive in eight UK regions, while four have seen a fall in prices.
Supply rising
Supply is at a seven-year high, with the average agent having 33 homes to sell.
Zoopla added that buyers remain price-sensitive, with one in five homes cutting the asking price by more than 5%, and properties taking over twice as long to sell if priced incorrectly.
Richard Donnell, executive director at Zoopla, said: “Momentum in the sales market continues to build as mortgage rates drift lower and more and more sellers gain the confidence to list their home for sale. Buyers have much greater choice, which will support sales numbers, but this will keep prices rises in check.
“Buyers have less purchasing power than two or three years ago and remain price-sensitive, meaning sellers can’t afford to get ahead of themselves on where to set the right price for their home. If you need to cut the asking price by 5% or more, then your home will take twice as long to sell or may not sell at all.”
