The House of Commons Library has published its regular Economic indicators, a quick-read summaries of the latest data focusing on different aspects of the UK economy.

It can be read here, and in summary highlights some key trends in the UK housing market:

1. House Prices
   • UK house prices rose by 3.3% year-on-year (Nov 2023 – Nov 2024).
   • Month-on-month, prices were up 0.1% (Oct – Nov 2024, seasonally adjusted).
   • Regional Variation:
     • Prices rose fastest in Northern Ireland, the North East, and North West.
     • Prices fell slightly in London (-0.1%) and grew the slowest in the South East and East of England.
2. Mortgage Approvals
   • December 2024 approvals were 28% higher than in Dec 2023.
   • There were 66,526 mortgage approvals in Dec 2024 vs. 52,087 in Dec 2023.
   • Approvals were up 1% compared to Nov 2024.
3. House Building Activity
   • Completions in Q3 2024 (England):
     • 36,580 (seasonally adjusted).
     • Down 13% from Q2 2024 and down 12% from Q3 2023.
   • Starts in Q3 2024 (England):
     • 29,310 (seasonally adjusted).
     • Up 17% from Q2 2024 and up 38% from Q3 2023.
     • This follows a surge in Q2 2023 as developers rushed to meet new energy and EV charging regulations introduced in June 2023.