In 2022, house price growth in the UK slowed, after a period of decade-long increase. Nevertheless, in August 2024, prices reached a new peak, with the average home costing close to 290,000 British pounds. That figure refers to all property types, including detached, semi-detached, terraced houses, and flats and maisonettes. Compared to other European countries, the UK had some of the highest house prices. How have UK house prices increased over the last 10 years? Property prices have risen dramatically over the past decade. According to the UK house price index, the average house price has grown by over 50 percent since 2015. This price development has led to the gap between the cost of buying and renting a property to close. In 2023, buying a three-bedroom house in the UK was no longer more affordable than renting one. Consequently, Brits have become more likely to rent longer and push off making a house purchase until they have saved up enough for a down payment and achieved the financial stability required to make the step. What caused the decline in house prices in 2022? House prices are affected by multiple factors, such as mortgage rates, supply, and demand on the market. For nearly a decade, the UK experienced uninterrupted house price growth as a result of strong demand and a chronic undersupply. Homebuyers who purchased a property at the peak of the housing boom in July 2022 paid 14 percent more compared to what they would have paid a year before. Additionally, 2022 saw the most dramatic increase in mortgage rates in recent history. Between December 2021 and December 2022, the 10-year fixed mortgage rate doubled, adding further strain to prospective homebuyers. As a result, the market cooled, leading to a correction in pricing.

Average house prices are affected by several factors: Economic growth, unemployment, interest rates and mortgage availability can all affect average prices. A shortage of supply means that the need for housing and, therefore, competitive market created will push up house prices, whereas an excess of housing means prices fall to stimulate buyers. Location, location, location In December 2023, the average house price in England was more expensive than in any other country. This huge disparity in average house prices is in no small part down to the country's capital city, where the average asking price was more than double that of the UK’s average. Even in London, for those who can afford a mortgage, the savings made through buying over renting can be beneficial. House prices still set to grow In 2024, the number of housing transactions in the UK is set to fall to 1.1 million. With the expected decline in transactions, the average house price is also set to stagnate across the UK.

Median price paid for residential property in England and Wales, by property type and administrative geographies. Quarterly rolling annual data. Formerly HPSSA dataset 9

The UK housing market continued to show significant regional variations in 2024, with London maintaining its position as the most expensive city for homebuyers. The average house price in the capital stood at 519,579 British pounds in October, nearly double the national average of 292,059 British pounds. However, the market dynamics are shifting, with London experiencing only a modest 0.2 percent annual increase, while other cities like Newcastle upon Tyne and Belfast saw more substantial growth of 8.8 percent and 6.8 percent respectively. Affordability challenges and market slowdown Despite the continued price growth in many cities, the UK housing market is facing headwinds. The affordability of mortgage repayments has become the biggest barrier to property purchases, with the majority of the respondents in a recent survey citing it as their main challenge. Moreover, a rising share of Brits have reported affordability as a challenge since 2021, reflecting the impact of rising house prices and higher mortgage rates. The market slowdown is evident in the declining housing transaction volumes, which have plummeted since 2021. European context The stark price differences are mirrored in the broader European context. While London boasts some of the highest property prices among European cities, a comparison of the average transaction price for new homes in different European countries shows a different picture. In 2023, the highest prices were found in Austria, Germany, and France.

Mean price paid for residential property in England and Wales, by property type and electoral ward. Annual data.

In 2023, detached houses were the most expensive type of dwelling in the United Kingdom at an average price of 496,000 British pounds. Flats or maisonettes in converted houses, on the other hand, cost on average 260,000 British pounds, making them 714,000 British pounds less expensive than detached houses or 151,000 British pounds less than the average for all dwelling types. Prices also varied for new and existing housing, with existing properties fetching higher prices, on average.

Quarterly house price data based on a sub-sample of the Regulated Mortgage Survey.

Terraced houses were the most affordable type of housing in England and Wales in 2023. Buying a terraced house cost approximately 281,000 British pounds - almost half of the average price of a detached house. House prices have risen steadily since 1986, with growth accelerating between 2019 and 2022. In just 10 years, home prices have more than doubled. Overall, newly built housing was more affordable than existing housing in the UK in 2023.

Median price paid for residential property in England and Wales, by property type and Middle layer Super Output Area (MSOA). Quarterly rolling annual data. Formerly HPSSA dataset 2.

Average annual and quarterly house prices based on Land Registry data, by borough.

Lower and Upper quartile prices are included in the table. Quarterly Lower Quartile data is taken from DCLG Table 583 up to Q3 2011. All other data is from Land Registry.
Excluded from the above figures are sales at less than market price (e.g. Right To Buy), sales below £1,000 and sales above £20m.
The "median" property price is determined by ranking all property prices in ascending order.
The median is the mid-point of this ranking with 50 per cent of prices below the median and 50 per cent above
The figures for the latest quarter are provisional and figures for all other quarters have been revised.

Data from CLG Table numbers: 581, 582, 585 and 586.

From the 1st of November 2012 DCLG no longer publishes this data at regional level.

Now also includes monthly data from the Land Registry.

Also available are Average house prices for London, by borough, ward, LSOA and MSOA, based on GLA calculations of Land Registry price paid datasets.

Price Paid Datasets

The full land registry price paid datasets are available to download here. This shows details of each house sale since 1995 in England and Wales. The files are broken down into smaller chunks to make it possible to open in Excel2010.

The England and Wales files contain the following fields:

unique_id
price
date
Post code
Property type
Whether newbuild
Freehold
Address1
Town

Local_authority
County
Record_status
Year
Month
Quarter
Region
Country

The London files contain the following fields:

id (London)
transaction_id
Price
Date_processed
Quarter
Month
Year
Year_month
Post_code
Property_type
Whether_new
Tenure
Address1
Address2
Address3
Address4
Town
Local_authority
County
Record_status
Post_code_clean
Inner_outer
Borough_code
Borough_name
Ward_code
Ward_name
MSOA11
LSOA11
OA11

Download (Beware: large file sizes):

England and Wales 1995-2013 (Zip) 911MB

London 1995-2013 (Zip) 190MB

NB Files correct to end of March 2014.

https://www.gov.uk/government/statistical-data-sets/house-price-index-background-tables

https://www.gov.uk/government/statistical-data-sets/live-tables-on-housing-market-and-house-prices

United Kingdom Average House Prices: England: North West data was reported at 168,261.000 GBP in May 2020. This records an increase from the previous number of 167,685.000 GBP for Apr 2020. United Kingdom Average House Prices: England: North West data is updated monthly, averaging 137,256.000 GBP from Jan 2005 (Median) to May 2020, with 185 observations. The data reached an all-time high of 168,261.000 GBP in May 2020 and a record low of 117,630.000 GBP in Feb 2005. United Kingdom Average House Prices: England: North West data remains active status in CEIC and is reported by HM Land Registry. The data is categorized under Global Database’s United Kingdom – Table UK.EB016: Average House Prices: HM Land Registry.

Key information about House Prices Growth

• UK house prices grew 3.8% YoY in Feb 2025, following an increase of 4.0% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 1992 to Feb 2025, with an average growth rate of 4.3%.
• House price data reached an all-time high of 26.4% in Jan 2003 and a record low of -17.5% in Feb 2009.

After soaring for three years, house price in England declined in 2023. In London, the most expensive regional market, the average house price fell to 508,000 British pounds in December 2023, down from 529,000 British pounds a year ago. According to the UK regional house price index, the North West saw the highest price increase since 2015.

The Nationwide average UK house price increased during the period under observation, reaching a value of over 265,000 British pounds as of the fourth quarter of 2022. The final quarter of 2022 saw the first quarterly decrease, after a three-year period of significant house price growth. The smallest house price for all houses in the UK during this period was found in the first quarter of 2011, when an average house price of approximately 162,400 British pounds was recorded.

United Kingdom Average House Prices: Wales data was reported at 169,436.000 GBP in May 2020. This records an increase from the previous number of 166,553.000 GBP for Apr 2020. United Kingdom Average House Prices: Wales data is updated monthly, averaging 136,710.000 GBP from Jan 2005 (Median) to May 2020, with 185 observations. The data reached an all-time high of 169,436.000 GBP in May 2020 and a record low of 121,070.000 GBP in Feb 2005. United Kingdom Average House Prices: Wales data remains active status in CEIC and is reported by HM Land Registry. The data is categorized under Global Database’s United Kingdom – Table UK.EB016: Average House Prices: HM Land Registry.

United Kingdom Average House Prices: England: East of England data was reported at 290,621.000 GBP in May 2020. This records a decrease from the previous number of 293,608.000 GBP for Apr 2020. United Kingdom Average House Prices: England: East of England data is updated monthly, averaging 202,149.000 GBP from Jan 2005 (Median) to May 2020, with 185 observations. The data reached an all-time high of 294,035.000 GBP in Aug 2018 and a record low of 168,263.000 GBP in Mar 2009. United Kingdom Average House Prices: England: East of England data remains active status in CEIC and is reported by HM Land Registry. The data is categorized under Global Database’s United Kingdom – Table UK.EB016: Average House Prices: HM Land Registry.

Summary statistics for housing transactions by local authority in England and Wales, on an annual basis, updated quarterly using HM Land Registry Price Paid Data. Select values from the Year and Month dimensions for data for a 12-month period ending that month and year (e.g. selecting June and 2018 will return the twelve months to June 2018).