The Average UK home is £50k cheaper today than 2022

– and people’s wages have gone up too!

Let me explain:

📉 Headline House prices have barely moved – up just 3% since 2022 (£260,800 in Q1 ‘2022 to £268,500 in Q4 2024)

📊 Yet Inflation-adjusted house prices are down 15.64% – (the 2022 house price figure of £260,800, in today’s money, is £318,300) meaning the average UK home is effectively just under £50,000 cheaper in real terms.

💰 In this time, Real wages (wages after inflation) have risen 4.8%, meaning buyers now have more spending power.

This creates a rare opportunity for home movers and first-time buyers. If your buyers have been holding off because of high interest rates, consider this:

✅ The home they want to buy is effectively on sale.
✅ Interest rates are slowly coming down.
✅ Their income (in real terms) is higher than before.
✅ More homes on the market = more choice and negotiating power.

Good news don’t you think?

Chris

PS All the raw data is from the Nationwide Building Society, ONS and crunched by myself