UK housing market value rose 6.3% last year

The total value of the UK housing market increased by 6.3% last year, reaching £379 billion. This is still below the pandemic peak of £521 billion but £36 billion higher than before the pandemic. In 2024, there were 1.1 million residential property transactions, with an average sale price of £343,922. Spending on residential properties rose by £22.3 billion, driven mainly by an 18.1% increase in mortgage debt. Northern Ireland saw the largest spending increase at 13.4%. However, cash buyer spending fell by over 5%, indicating a shift towards mortgage reliance among buyers, particularly first-time buyers.