The UK housing market rose 6.3% to £37.9 billion in 2024, Savills revealed.
Data shows that this amounted to 1.1 million transactions with an average selling price of £343,822. 
Market growth is said to be driven by an increase in spending of £22.3 billion on home purchases.
The £22.3 billion increase in spending on home purchases is an increase of £24.3 billion in mortgage debt use. This represents an increase of 18.1% over the previous year.
However, mortgaged buyers' shares increased by £6.3 billion (9.5%), while cash buyers' spending fell by £8.4 billion (5.4%).
The biggest increase in mortgage obligations was among first-time buyers, which totaled 21.4%, up £12.2 billion, which saw a slight easing of higher trading levels and average loan consideration.
Lucian Cook, Head of Savills Residential Research, said:
“The total housing market size is below the pandemic peak of £52.1 billion, but remains £360 billion larger than just before the pandemic.”
“The further interest rate cuts expected this year will mean an expansion in the range of buyers coming to the market, and we can expect to see a recovery in spending over the next 12 months.”
