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.

Quarterly and annual growth tracking of changes in prime residential property prices in the United Kingdom (UK) up to March 2021 shows increases of up to *** percent in prices. When the observation period was expanded to five years, an increase of **** percent in prices of city prime properties was reported. The property type with the highest annual price growth was prime real estate in rural areas, followed by city properties. Nevertheless, compared with 2007 peak prices, rural properties still underperformed.

According to the forecast, prime property prices will continue to grow in the period between 2021 and 2025.

The statistic displays a **** year forecast for house price growth in the United Kingdom (UK) from 2020 to 2024, revised with the coronavirus (covid-19) impact on the market. According to the forecast, 2020 and 2021 will likely see a slower to no increase in house prices followed by a gradual recovery between 2022 and 2024. North West, North East, Yorkshire & the Humber, and Scotland prices are forecast to bounce back quicker than other UK regions with higher **** year price increase.

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

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.

The UK housing market continued to show significant regional variations in 2025, with London maintaining its position as the most expensive city for homebuyers. The average house price in the capital stood at ******* British pounds in February, nearly double the national average. However, the market dynamics are shifting, with London experiencing only a modest *** percent annual increase, while other cities like Belfast and Liverpool saw more substantial growth of over **** 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.

Median price paid for residential property in England and Wales, by property type and administrative geographies. Annual data.

Affordability ratios calculated by dividing house prices by gross annual residence-based earnings. Based on the median and lower quartiles of both house prices and earnings in England and Wales.

Prime London flats in Outer and Central London, have reduced in prices in the period between March 2020 and 2021 and so have the Central London prime houses. Outer London prime houses, regional and coastal prime properties, on the other hand, saw prices grow in the same period. The highest increase in prices was recorded among prime country houses over *** million British pounds. According to the forecast, prime property prices both in Central and in Outer London are expected to increase in the next **** year.

This house price per square metre dataset was created on 1/4/2021 and is based on the LR PPD, Domestic EPCs and NSPL downloaded on the same day. It covers over 18 million transactions with 104 variables in England and Wales between 1/1/1995 and 26/2/2021. 16 of the 104 variables come from the LR PPD, 84 variables come from Domestic EPCs, one variable (lad21cd) from NSPL and three variables (i.e.id, classt, priceper) are created by the first author. Before the data linkage, a unique identifier (id) is created for all the unique EPCs after removing the individual lodgement identifier (i.e. LMK_KEY variable). During the data linkage, a variable named classt is created to identify 1:1 and 1:n linkage relationships. After the data linkage, a derived house price per square metre variable (i.e. priceper) is obtained through dividing the transaction price paid in the LR PPD with the total floor area variable in the EPC dataset. The NSPL (May 2021 version) is used to assign the local authority unit (lad21cd) to the house price per square metre dataset. During the data linkage process, the transactions in the LR PPD assigned as category B (Additional Price Paid entry) and other property types are removed. This version of the dataset unlike the previous version can be described as ‘uncorrected’ as we have not removed transactions with any improbable price per square metre values (e.g. total floor area values are null, 0). This uncorrected version of the data will offer the most flexibility for researchers. Researchers are recommended to clean the uncorrected version according to their research need.

This repository covers an updated but uncorrected version of the attribute-linked residential property price dataset in UK Data Service ReShare 854240 (https://reshare.ukdataservice.ac.uk/854240/). It is also the entire uncorrected version of the open access (limited attribute) house price per square metre dataset published by local authority in the Greater London Authority (GLA) London Datastore (https://data.london.gov.uk/dataset/house-price-per-square-metre-in-england-and-wales). This linked dataset contains individual property transactions and associated variables from the Land Registry Price Paid Dataset (LR PPD) linked at address level to all attributes, other than the individual lodgement identifier, address and postcode attributes, contained in Version VI of the Domestic Energy Performance Certificate (EPC) data published by the Ministry for Housing, Communities and Local Government (MHCLG). The linked data in this repository is the uncorrected version, recording over 18 million transactions with 104 variables in England and Wales between 1/1/1995 and 26/2/2021. We have offered technical validation and data cleaning code in UKDA ReShare 854240 to help users evaluate the representation of the linked data for a given time period. The data cleaning code shows our methods for cleaning up unlikely floor size records before using this data in analysis. Users can create their own rules and undertake this clean-up process based on their own experience and research aims. This repository also covers the original LR PPD and Domestic EPCs for the linked data (house price per square metre dataset). The LR PPD in this repository has been added in the field header in the open access LR PPD. Domestic EPCs in this repository has had removed the six variables (individual lodgement identifier, address, address 1, address 2, address 3, postcode) with a newly created unique identifier (id). This id column is newly created for Version VI Domestic EPCs, which is not the same id as in the Domestic EPCs from UK Data Service ReShare 854240.

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

Median price paid for residential property in England and Wales, for all property types by lower layer super output area. Annual data..

This house price per square metre dataset was created on 1/4/2021 and is based on the LR PPD, Domestic EPCs and NSPL downloaded on the same day. It covers over 18 million transactions with 104 variables in England and Wales between 1/1/1995 and 26/2/2021. 16 of the 104 variables come from the LR PPD, 84 variables come from Domestic EPCs, one variable (lad21cd) from NSPL and three variables (i.e.id, classt, priceper) are created by the first author. Before the data linkage, a unique identifier (id) is created for all the unique EPCs after removing the individual lodgement identifier (i.e. LMK_KEY variable). During the data linkage, a variable named classt is created to identify 1:1 and 1:n linkage relationships. After the data linkage, a derived house price per square metre variable (i.e. priceper) is obtained through dividing the transaction price paid in the LR PPD with the total floor area variable in the EPC dataset. The NSPL (May 2021 version) is used to assign the local authority unit (lad21cd) to the house price per square metre dataset. During the data linkage process, the transactions in the LR PPD assigned as category B (Additional Price Paid entry) and other property types are removed. This version of the dataset unlike the previous version can be described as ‘uncorrected’ as we have not removed transactions with any improbable price per square metre values (e.g. total floor area values are null, 0). This uncorrected version of the data will offer the most flexibility for researchers. Researchers are recommended to clean the uncorrected version according to their research need.This repository covers an updated but uncorrected version of the attribute-linked residential property price dataset in UK Data Service ReShare 854240 (https://reshare.ukdataservice.ac.uk/854240/). It is also the entire uncorrected version of the open access (limited attribute) house price per square metre dataset published by local authority in the Greater London Authority (GLA) London Datastore (https://data.london.gov.uk/dataset/house-price-per-square-metre-in-england-and-wales). This linked dataset contains individual property transactions and associated variables from the Land Registry Price Paid Dataset (LR PPD) linked at address level to all attributes, other than the individual lodgement identifier, address and postcode attributes, contained in Version VI of the Domestic Energy Performance Certificate (EPC) data published by the Ministry for Housing, Communities and Local Government (MHCLG). The linked data in this repository is the uncorrected version, recording over 18 million transactions with 104 variables in England and Wales between 1/1/1995 and 26/2/2021. We have offered technical validation and data cleaning code in UKDA ReShare 854240 to help users evaluate the representation of the linked data for a given time period. The data cleaning code shows our methods for cleaning up unlikely floor size records before using this data in analysis. Users can create their own rules and undertake this clean-up process based on their own experience and research aims. This repository also covers the original LR PPD and Domestic EPCs for the linked data (house price per square metre dataset). The LR PPD in this repository has been added in the field header in the open access LR PPD. Domestic EPCs in this repository has had removed the six variables (individual lodgement identifier, address, address 1, address 2, address 3, postcode) with a newly created unique identifier (id). This id column is newly created for Version VI Domestic EPCs, which is not the same id as in the Domestic EPCs from UK Data Service ReShare 854240. The LR PPD dataset is open and available online (https://www.gov.uk/government/statistical-data-sets/price-paid-data-downloads). The LR PPD records 25,914,817 transactions in England and Wales between 1/1/1995 and 26/02/2021. The Domestic Energy Performance Certificates (EPCs) dataset is open and available on-line from the Ministry for Housing, Communities and Local Government – MHCLG (https://epc.opendatacommunities.org/). The Domestic EPCs dataset downloaded in 1/4/2021 is the sixth released version and contains EPCs issued between 1/10/2008 and 20/9/2020, which records 18,575,357 energy performance data records with 85 fields. These two datasets both contain property information at address level but their address structures are different, thus a matching method containing a four-stage (251 matching rules) process was designed to achieve linkage between them. Details of data linkage are published in a UCL Open Environment paper: (https://ucl.scienceopen.com/hosted-document?doi=10.14324/111.444/ucloe.000019). The linkage methodology to create this version of the data remains the same as that in UK Data Service ReShare service (https://reshare.ukdataservice.ac.uk/854942/).

The median purchase prices of residential property by buyers from the United Kingdom in the United States fluctuated between 2010 to 2021. In 2021, buyers from the UK paid a median price of ******* thousand U.S. dollars for American properties.

During the COVID-19 pandemic, the number of house sales in the UK spiked, followed by a period of decline. In 2023 and 2024, the housing market slowed notably, and in January 2025, transaction volumes fell to 46,774. House sales volumes are impacted by a number of factors, including mortgage rates, house prices, supply, demand, as well as the overall health of the market. The economic uncertainty and rising unemployment rates has also affected the homebuyer sentiment of Brits. How have UK house prices developed over the past 10 years? House prices in the UK have increased year-on-year since 2015, except for a brief period of decline in the second half of 2023 and the beginning of 2024. That is based on the 12-month percentage change of the UK house price index. At the peak of the housing boom in 2022, prices soared by nearly 14 percent. The decline that followed was mild, at under three percent. The cooling in the market was more pronounced in England and Wales, where the average house price declined in 2023. Conversely, growth in Scotland and Northern Ireland continued. What is the impact of mortgage rates on house sales? For a long period, mortgage rates were at record-low, allowing prospective homebuyers to take out a 10-year loan at a mortgage rate of less than three percent. In the last quarter of 2021, this period came to an end as the Bank of England rose the bank lending rate to contain the spike in inflation. Naturally, the higher borrowing costs affected consumer sentiment, urging many homebuyers to place their plans on hold and leading to a decline in sales.

The average house price decreased year-on-year in 12 of London's boroughs as of May 2025 amid a slowdown in the UK housing market. Barking and Dagenham was the most affordable borough to buy a house, with an average price of ******* British pounds. Kensington and Chelsea stood at the other end of the spectrum, with an average price of ****million British pounds. Demand for housing and house prices With vastly more job and cultural opportunities, megacities continue attracting people from all over the world. Since the beginning of the 1980s, the population of London has increased by more than 2 million inhabitants and in the next 20 years, it is forecast to increase by almost *** million. That makes London properties a valuable asset. Historically, property prices in London have risen steadily, albeit with minor fluctuations. Residential properties transactions Since 2006, the number of residential property sales has varied between *** million and *** million transactions annually. The housing boom in 2021 led to an increase in home purchases, but the economic uncertainty, stubborn inflation, and dramatically higher interest rates have led to transactions falling.