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 administrative geographies. 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.

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.

The average price of a semi-detached house in Camden, London's third most expensive borough, declined by six percent year-on-year in June 2024. Despite a decline of nearly 15 percent, Kensington and Chelsea saw the most expensive semi-detached homes prices in London. At the other end of the spectrum was Barking and Dagenham - the most affordable and only borough where homebuyers could purchase a property for under 500,000 British pounds. Semi-detached homes are those that were built as one of two properties that share a common wall.

Mean price of detached houses by MSOA, quarterly rolling year

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).

Mean price of existing semi-detached houses by MSOA, quarterly rolling year

United Kingdom HPI: Qtr: Semi Detached: UK data was reported at 419.265 1Q1993=100 in Sep 2018. This records an increase from the previous number of 416.558 1Q1993=100 for Jun 2018. United Kingdom HPI: Qtr: Semi Detached: UK data is updated quarterly, averaging 300.525 1Q1993=100 from Mar 1991 (Median) to Sep 2018, with 111 observations. The data reached an all-time high of 419.265 1Q1993=100 in Sep 2018 and a record low of 97.537 1Q1993=100 in Dec 1992. United Kingdom HPI: Qtr: Semi Detached: UK data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.EB005: House Price Index: Nationwide.

United Kingdom HPI: Qtr: Detached: UK data was reported at 375.320 1Q1993=100 in Sep 2018. This records an increase from the previous number of 371.308 1Q1993=100 for Jun 2018. United Kingdom HPI: Qtr: Detached: UK data is updated quarterly, averaging 274.019 1Q1993=100 from Mar 1991 (Median) to Sep 2018, with 111 observations. The data reached an all-time high of 375.320 1Q1993=100 in Sep 2018 and a record low of 100.000 1Q1993=100 in Mar 1993. United Kingdom HPI: Qtr: Detached: UK data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.EB005: House Price Index: Nationwide.

The average price of a detached house in Kensington and Chelsea, London's most expensive borough, fell by 17 percent year-on-year in June 2024. Homebuyers spent on average approximately 3.3 million British pounds to buy a detached house in Kensington and Chelsea. Detached houses are those that are not attached to any other dwellings. Finding such property available for purchase in London is not only hard but out of reach for the vast majority.

The average rent for flats and maisonettes in the private rental market in Great Britain increased faster than any other property type as of January 2025. The Index of Private Housing Rental Prices measures the change in the price of renting residential property from private landlords, based on an index value of 100 in January 2023. In January 2025, the index value for flats and maisonettes amounted to 119.5 index point, suggesting an increase of nearly 20 percent since the baseline year. Detached houses increased by 16 percent.

This statistic shows the average price of a semi-detached house built between 1946 and 1960 in the United Kingdom (UK) from the first quarter of 2011 to the fourth quarter of 2015, according to the Halifax house price index. In the quarter ending June 2015, the price reached the level of 186.4 thousand British pounds.

The average house prices for detached and semi-detached dwellings in London declined in 2023 after several years of strong growth. In 2023, the simple average price of a detached house amounted to 1.14 million British pounds, which was a decline from the previous year when the average price was 1.21 million British pounds. Semi-detached houses were notably less expensive, with the average price totaling 749,000 British pounds in 2023.

This statistic displays the average cost of home (buildings) insurance in the United Kingdom (UK) as of the fourth quarter of 2018, by property type. It can be seen that with an average price of approximately 140 British pounds, buildings insurance policies were most expensive for detached properties as of the fourth quarter 2018.

The price of terraced housing in Redbridge and Bexley rose by over five percent year-on-year in June 2024, making them the boroughs with the highest price increase in London. According to the house price index for London, the cost of buying a house has declined from the peak in 2022. At about 385,000 British pounds, the most affordable borough in London to purchase a terraced house was Barking and Dagenham. The same borough also had the cheapest average price for semi-detached homes in London.