UK housing market value soars by tens of billions 

The UK housing market experienced a resurgence in 2024, with spending on house purchases increasing by £22.3 billion, according to Savills. The total market value grew by 6.3% to £379 billion, with 1.1 million transactions and an average sale price of £343,822.

While the market remains below its pandemic peak of £521 billion, it is £36 billion higher than pre-pandemic levels. Stability in mortgage markets and expected interest rate cuts are anticipated to further boost buyer activity and spending power in 2025.

Regionally, Northern Ireland saw the largest percentage increase in spending (+13.4%), though it represents a small portion of the market (£5.1 billion). Meanwhile, London’s housing market grew modestly (+2.3%), with the South East (£74.5 billion) overtaking London (£72.8 billion) for the first time in two years.