The quarterly Nationwide house price index for all houses in the United Kingdom (UK) exceeded 14,000 index points in the third quarter of the year. Despite that being a dramatic increase since the beginning of the COVID-19 pandemic, it stood below the price peak in the third quarter of 2022. The index shows the development of housing prices, with 1952 used as a baseline year. An index value of 14,102 implies a price increase of 14,000 percent between 1952 and 2024.

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.

The Nationwide index for newly built houses increased overall during the period under observation, reaching a value of almost 13,900 index points as of the fourth quarter of 2022. This was an increase of roughly 1,200 index points over the same quarter in 2021.

This dataset contains UK house prices since 1953 as a monthly time-series. The data comes from the Nationwide Building Society.

United Kingdom House Price Index: UK data was reported at 539.604 1Q1993=100 in Feb 2025. This records an increase from the previous number of 535.056 1Q1993=100 for Jan 2025. United Kingdom House Price Index: UK data is updated monthly, averaging 324.070 1Q1993=100 from Jan 1991 (Median) to Feb 2025, with 410 observations. The data reached an all-time high of 546.103 1Q1993=100 in Aug 2022 and a record low of 98.950 1Q1993=100 in Nov 1992. United Kingdom House Price Index: UK data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.EB027: House Price Index: First Quarter of 1993=100: Nationwide. [COVID-19-IMPACT]

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 June 2024, house prices increased by 2.7 percent. According to the Nationwide Building Society, the average house price exceeded 265,000 British pounds in 2022. 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.

Summary of UK House Price Index (HPI) price statistics covering England, Scotland, Wales and Northern Ireland. Full UK HPI data is available on GOV.UK.

High level summary of the annual mix-adjusted weights used in the production of the UK House Price Index for the period 2005 to 2024.

The Nationwide average UK house price increased overall during the period under observation, reaching a value of almost 296,000 British pounds in the fourth quarter of 2023. This was a slight increase from the previous year, when the average newly built house cost 292,000 British pounds. Nevertheless, this figure was lower than in the third quarter of 2023, when the average price exceeded 300,000 British pounds.

United Kingdom HPI: Qtr: Flats: UK data was reported at 511.308 1Q1993=100 in Sep 2018. This records an increase from the previous number of 510.700 1Q1993=100 for Jun 2018. United Kingdom HPI: Qtr: Flats: UK data is updated quarterly, averaging 331.686 1Q1993=100 from Mar 1991 (Median) to Sep 2018, with 111 observations. The data reached an all-time high of 511.308 1Q1993=100 in Sep 2018 and a record low of 98.040 1Q1993=100 in Dec 1992. United Kingdom HPI: Qtr: Flats: 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.

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

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.

UK house price, regional house prices, rents and yields

United Kingdom HPI: Qtr: Former Owner Occupier: London data was reported at 657.449 1Q1993=100 in Sep 2018. This records a decrease from the previous number of 661.249 1Q1993=100 for Jun 2018. United Kingdom HPI: Qtr: Former Owner Occupier: London data is updated quarterly, averaging 218.841 1Q1993=100 from Mar 1983 (Median) to Sep 2018, with 143 observations. The data reached an all-time high of 676.286 1Q1993=100 in Jun 2017 and a record low of 51.422 1Q1993=100 in Mar 1983. United Kingdom HPI: Qtr: Former Owner Occupier: London 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 House Price: Qtr: Former Owner Occupier: North data was reported at 156,788.316 GBP in Jun 2018. This records an increase from the previous number of 155,157.670 GBP for Mar 2018. United Kingdom House Price: Qtr: Former Owner Occupier: North data is updated quarterly, averaging 63,095.967 GBP from Mar 1983 (Median) to Jun 2018, with 142 observations. The data reached an all-time high of 157,684.989 GBP in Sep 2007 and a record low of 26,061.468 GBP in Mar 1983. United Kingdom House Price: Qtr: Former Owner Occupier: North data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s UK – Table UK.P001: House Price: Nationwide.

United Kingdom House Price: Qtr: First Time Buyer: South West data was reported at 199,791.062 GBP in Sep 2018. This records an increase from the previous number of 199,133.056 GBP for Jun 2018. United Kingdom House Price: Qtr: First Time Buyer: South West data is updated quarterly, averaging 71,559.949 GBP from Mar 1983 (Median) to Sep 2018, with 143 observations. The data reached an all-time high of 199,791.062 GBP in Sep 2018 and a record low of 23,088.303 GBP in Mar 1983. United Kingdom House Price: Qtr: First Time Buyer: South West data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s United Kingdom – Table UK.P001: House Price: Nationwide.

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

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.

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 20.2 percent over the five-year period. In London, house prices are expected to rise by 13.9 percent.