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.

House prices in the UK rose dramatically during the coronavirus pandemic, with growth slowing down in 2022 and turning negative in 2023. The year-on-year annual house price change peaked at 14 percent in July 2022. In April 2025, house prices increased by 3.5 percent. As of late 2024, the average house price was close to 290,000 British pounds. Correction in housing prices: a European phenomenon The trend of a growing residential real estate market was not exclusive to the UK during the pandemic. Likewise, many European countries experienced falling prices in 2023. When comparing residential property RHPI (price index in real terms, e.g. corrected for inflation), countries such as Germany, France, Italy, and Spain also saw prices decline. Sweden, one of the countries with the fastest growing residential markets, saw one of the largest declines in prices. How has demand for UK housing changed since the outbreak of the coronavirus? The easing of the lockdown was followed by a dramatic increase in home sales. In November 2020, the number of mortgage approvals reached an all-time high of over 107,000. One of the reasons for the housing boom were the low mortgage rates, allowing home buyers to take out a loan with an interest rate as low as 2.5 percent. That changed as the Bank of England started to raise the base lending rate, resulting in higher borrowing costs and a decline in homebuyer sentiment.

Just as in many other countries, the housing market in the UK grew substantially during the coronavirus pandemic, fueled by robust demand and low borrowing costs. Nevertheless, high inflation and the increase in mortgage rates has led to house price growth slowing down. According to the forecast, 2024 is expected to see house prices decrease by ***** percent. Between 2024 and 2028, the average house price growth is projected at *** percent. A contraction after a period of continuous growth In June 2022, the UK's house price index exceeded *** index points, meaning that since 2015 which was the base year for the index, house prices had increased by ** percent. In just two years, between 2020 and 2022, the index surged by ** index points. As the market stood in December 2023, the average price for a home stood at approximately ******* British pounds. Rents are expected to continue to grow According to another forecast, the prime residential market is also expected to see rental prices grow in the next years. Growth is forecast to be stronger in 2024 and slow down in the period between 2025 and 2028. The rental market in London is expected to follow a similar trend, with Central London slightly outperforming Greater London.

Housing Index in the United Kingdom decreased to 511.50 points in May from 513.50 points in April of 2025. This dataset provides - United Kingdom House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The average house price in England started to increase in the first half of 2024, after falling by over three percent year-on-year in December 2023. In June 2024, the house price index amounted to 149.7 index points, suggesting an increase in house prices of 2.4 percent since the same month in 2023 and a roughly 50 percent rise since 2015 - the baseline year for the index. Among the different regions in the UK, West and East Midlands experienced the strongest growth.

The house price index (HPI) shows changes in the value of residential properties in England, Scotland, Wales, and Northern Ireland. With the HPI set at a base of 100 in January 2015, a value of over 100 would mark an increase in the average dwelling price. A value of under 100 points, on the other hand, would indicate that the average price has dropped. House price index in the UK The HPI fluctuated in 2023, after peaking in November 2022. In December 2023, the index stood at 149 index points, which was a slight decline from December 2022. This trend in the index, and therefore the value of UK residential properties, has also been observed by the Halifax house price index. Average house prices Average house prices are affected by several factors. Economic growth, unemployment, interest rates and mortgage availability can all drive them up or down. A shortage of supply means that the need for housing and the competitive market created will push house prices up. An excess of housing, on the other hand, means prices fall to stimulate buyers.

House Price Index YoY in the United Kingdom decreased to 2.50 percent in May from 3.20 percent in April of 2025. This dataset includes a chart with historical data for the United Kingdom House Price Index YoY.

Modern auctions allow mortgage buyers to take part in auctions, leading to higher bids and sales prices and attracting higher-value properties into auctions. Following the 2007-08 global financial crisis, UK auction property sales accelerated, climbing around 25% between 2010 and 2013. According to the Essential Information Group (EIG), auction volumes stayed high from 2013 to 2018, with around 20,000 yearly property auction sales taking place, but they then dipped by 10% through 2020. However, climbing UK house prices have also dragged up the average value of an auctioned property, supporting revenue growth, particularly over 2021-22. Over the five years through 2024-25, the Property Auction Houses industry's revenue is expected to climb at a compound annual rate of 8% to £433.3 million. The pandemic severely impacted auction sales, with practically no properties sold between April and June 2020, denting revenue in 2020-21. However, a stamp duty holiday encouraged a flood of properties to the market later in the year. EIG stated that despite a decrease in the number of lots offered at auctions compared to 2019, most months in 2020 saw a climb in the percentage of auction lots sold. In 2021-22, revenue skyrocketed, driven by a massive hike in the average sale price of auctioned properties and a rise in the volume of property sales by auction. Over 2023-24, cost-of-living pressures and tumbling UK house prices slashed revenue by 5.5%. In 2024-25, house prices are rising again and interest rates are set to start edging downwards, which will boost market activity. As a result, revenue is slated to rise by 3.7%. Over the five years through 2029-30, revenue is forecast to expand at a compound annual rate of 3.8% to £523.2 million. Even with rates expected to start falling, high mortgage rates will make UK properties less affordable and soften house prices in the short term. Property auction houses will benefit from increased online auction activity as consumers increasingly value and trust the faster and more convenient online model, which offers a better chance of selling their property than estate agents.

Nationwide Housing Prices YoY in the United Kingdom increased to 3.50 percent in May from 3.40 percent in April of 2025. This dataset includes a chart with historical data for the United Kingdom Nationwide Housing Prices YoY.

House prices in the UK rose dramatically during the coronavirus pandemic, with growth slowing down in 2022 and turning negative in 2023. The year-on-year annual house price change peaked at 14 percent in July 2022. In February 2025, house prices increased by 5.4 percent. As of late 2024, the average house price was close to 290,000 British pounds. Correction in housing prices: a European phenomenon The trend of a growing residential real estate market was not exclusive to the UK during the pandemic. Likewise, many European countries experienced falling prices in 2023. When comparing residential property RHPI (price index in real terms, e.g. corrected for inflation), countries such as Germany, France, Italy, and Spain also saw prices decline. Sweden, one of the countries with the fastest growing residential markets, saw one of the largest declines in prices. How has demand for UK housing changed since the outbreak of the coronavirus? The easing of the lockdown was followed by a dramatic increase in home sales. In November 2020, the number of mortgage approvals reached an all-time high of over 107,000. One of the reasons for the housing boom were the low mortgage rates, allowing home buyers to take out a loan with an interest rate as low as 2.5 percent. That changed as the Bank of England started to raise the base lending rate, resulting in higher borrowing costs and a decline in homebuyer sentiment.

These National Statistics provide monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. National Statistics are accredited official statistics.

England and Northern Ireland statistics are based on information submitted to the HM Revenue and Customs (HMRC) Stamp Duty Land Tax (SDLT) database by taxpayers on SDLT returns.

Land and Buildings Transaction Tax (LBTT) replaced SDLT in Scotland from 1 April 2015 and this data is provided to HMRC by https://www.revenue.scot/" class="govuk-link">Revenue Scotland to continue the time series.

Land Transaction Tax (LTT) replaced SDLT in Wales from 1 April 2018. To continue the time series, the https://gov.wales/welsh-revenue-authority" class="govuk-link">Welsh Revenue Authority (WRA) have provided HMRC with a monthly data feed of LTT transactions since July 2021.

LTT figures for the latest month are estimated using a grossing factor based on data for the most recent and complete financial year. Until June 2021, LTT transactions for the latest month were estimated by HMRC based upon year on year growth in line with other UK nations.

LTT transactions up to the penultimate month are aligned with LTT statistics.

Go to Stamp Duty Land Tax guidance for the latest rates and information.

Go to Stamp Duty Land Tax rates from 1 December 2003 to 22 September 2022 and Stamp Duty: rates on land transfers before December 2003 for historic rates.

The latest release was published 09:30 27 June 2025 and was updated with provisional data from completed transactions during May 2025.

The next release will be published 09:30 31 July 2025 and will be updated with provisional data from completed transactions during June 2025.

https://webarchive.nationalarchives.gov.uk/ukgwa/20240320184933/https://www.gov.uk/government/statistics/monthly-property-transactions-completed-in-the-uk-with-value-40000-or-above" class="govuk-link">Archive versions of the Monthly property transactions completed in the UK with value of £40,000 or above are available via the UK Government Web Archive, from the National Archives.

RICS House Price Balance in the United Kingdom decreased to -8 percent in May from -3 percent in April of 2025. This dataset includes a chart with historical data for the United Kingdom RICS House Price Balance.

According to the forecast, the North East and Wales are the regions in the United Kingdom estimated to see the highest overall growth in house prices over the five-year period between 2024 and 2028. Just behind are North West, Yorkshire & the Humber, and Scotland, which are forecast to see house prices increase by **** percent over the five-year period. In London, house prices are expected to rise by **** percent.

Revenue is forecast to dip at a compound annual rate of 1.3% over the five years through 2024-25 to £33 billion. Revenue plummeted in 2020-21 as the pandemic dampened property management activity. Property managers enjoyed a sharp recovery in revenue during 2021-22, aided by soaring house prices amid low interest rates. In 2022-23, rent prices skyrocketed as landlords contended with rising interest rates and tax hikes. Competition for housing remained fierce in 2023-24, pushing up rental prices and supporting revenue for property managers. Despite this, revenue slipped overall as non-residential property transactions climbed, with new owners choosing to manage the properties themselves or refurbish or repurpose the property before leasing it out again. Revenue looks set to climb by 2.5% over 2024-25 as rents remain high. Build-to-rent sector growth has proved fruitful for property management companies. According to Knight Frank, in January 2025, more than 22,300 BTR homes were completed in 2024, marking a year of record delivery for the BTR sector. Revenue from the commercial sector is likely to grow, as companies may decide now’s a good time to upgrade their offices thanks to falling interest rates in 2024-25, lifting profit. Over the five years through 2029-30, property management services revenue is slated to swell at a compound annual rate of 2.4% to reach £37.1 billion. The rental market will continue gaining momentum amid upcoming regulatory changes, ramping up costs for landlords and driving commission fee income. House prices look set to remain high, at least in the short term, keeping some prospective homeowners in the rental market. Business confidence will remain somewhat constrained, though Capital Economics forecasts the base rate to fall to 3.5% by early 2026, which should boost investment volumes, increasing demand for property management services. The government's goal to construct 1.5 million homes by 2029 will benefit the industry. Approximately £3 billion of the £5 billion housing budget is earmarked for additional guarantees to SME house builders and build-to-rent developers, indicating ongoing government backing for the private sector. This support for housebuilding initiatives is set to broaden the client base available to property management companies, fostering revenue growth.

In 2023, the UK Real Estate Market reached a value of USD 816.7 million, and it is projected to surge to USD 919.0 million by 2030.

Furniture, Carpet and Lighting Wholesaling revenue is expected to contract at a compound annual rate of 1.3% over the five years through 2025-26, reaching £5.7 billion. The industry has faced significant challenges due to a tough economic environment, marked by high inflation, peaking at 11.1% in October 2022, high interest rates and the cost-of-living crisis that has significantly dampened consumers’ discretionary spending, limiting demand for largely non-essential products like furniture. These challenges have been compounded by a slowing housing market, where falling housing transactions and renovations reduced demand for products like flooring. Elevated trade costs due to geopolitical tensions in the Middle East and a volatile pound elevated purchase costs, with wholesalers reliant on sourcing from overseas markets with cheaper production costs. Demand from retailers is picking up, boosting the industry. As inflationary pressures and interest rates ease, consumers are beginning to spend more on discretionary items, boosting industry sales. A resurgent housing market is driving further revenue growth as people increasingly demand furniture, lighting and flooring for their homes. Increased sales, alongside prioritising efficiency gains, have led to profit ticking up to 8.2% in the current year despite lingering purchase and wage cost challenges. Despite the recovery, growth remains dampened due to lingering cost pressures and vulnerable consumer demand, with confidence dwindling as geopolitical tensions ramp up. Overall, industry revenue is projected to climb by 0.2% in 2025-26, indicating a cautious recovery under strained conditions. Industry revenue is forecast to climb at a compound annual rate of 1.3% to £6 billion over the five years through 2030-31. Positive GDP growth projections will boost discretionary purchasing, benefitting industry sales. Falling interest rates are likely to encourage UK consumers to move house or undertake home renovations, directly boosting demand for furniture, carpets and lighting. This is further supported by the government's plans to build 1.5 million homes by 2030. However, geopolitical tensions have led to an escalating trade war between the US and China, resulting in tariffs. If Chinese manufacturers raise their prices to offset lost demand from US markets, industry wholesalers may face challenges due to reliance on overseas sourcing. As a result, manufacturers may shift more sourcing to local UK producers, raising purchase costs but capitalising on the growing demand for locally sourced items to expand their reach.

According to the forecast, the UK regional prime property real estate market is to increase by almost 14 percent by 2028. In 2024, prime property prices are expected to fall by two percent. In the following four years, growth will recover.

In 2022, house price growth in the UK slowed, after a period of decade-long increase. Nevertheless, in March 2025, prices reached a new peak, with the average home costing ******* British pounds. This 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 ** 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 recent fluctuations in house prices? 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 ** 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 **-year fixed mortgage rate doubled, adding further strain to prospective homebuyers. As a result, the market cooled, leading to a correction in pricing.

Starts and completions of new build dwellings in the UK, on a quarterly and annual basis, time series data