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.

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.

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).

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.

After declining slightly in the third quarter of 2023, the value of the Halifax standardized house price increased in the fourth quarter of the year. The average house price stood at approximately 287,000 British pounds in December, up from approximately 279,000 British pounds in September 2023. The correction is a result of the combination of the rising interest rates, dramatic house price increase since the beginning of the coronavirus pandemic, and the low housing inventory.

United Kingdom House Price: Qtr: UK: Adjusted for Inflation data was reported at 214,578.383 GBP in Jun 2018. This records an increase from the previous number of 211,792.212 GBP for Mar 2018. United Kingdom House Price: Qtr: UK: Adjusted for Inflation data is updated quarterly, averaging 60,170.285 GBP from Mar 1975 (Median) to Jun 2018, with 174 observations. The data reached an all-time high of 214,578.383 GBP in Jun 2018 and a record low of 10,387.877 GBP in Mar 1975. United Kingdom House Price: Qtr: UK: Adjusted for Inflation 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.

This statistic shows the house price to income ratio in England in 2018, by region. With the average house price to income ratio in England being 10 it can be seen from the statistic that, at a ratio of 17, London house prices to incomes are far higher than the national average. At the other end of the scale is the North East of England, where the average house price to income ratio is six, meaning that the average house is six times more than the average annual income.

The average mix-adjusted house price in London, England, peaked in August 2022, followed by a slight correction in 2023. In June 2024, the average house price amounted to about ******* British pounds, up from ******* British pounds a year ago. These recent fluctuations have also been observed by other measures, such as the house price index. The house price index is an important measure for the residential real estate market and is used to show changes in the value of residential properties.

The house price index in London reached 129.9 index points in June 2024, which was an increase from a year ago, despite a mild correction. The house price index (HPI) is an easy way of illustrating trends in the house sales market and help simplify house purchase decisions. By using hedonic regression, the index models property price data for all dwellings and shows how much the price has changed since January 2015. How have regional house prices in the UK developed? House prices in other UK regions have risen even more than in London. In the North West, the house price index exceeded 160 index points, ranking it among the regions with the highest property appreciation. The UK house price index stood at 151 index points, suggesting an increase of 51 percent since 2015. Average house prices Location plays a huge role in the price of a home. Kensington and Chelsea and City of Westminster are undoubtedly the most expensive boroughs in London, with an average house price that can exceed one million British pounds. In comparison, a house in Barking and Dagenham cost approximately one third. Nevertheless, the housing market is the busiest in the boroughs with average house prices.

The monthly house price index in London has been steadily increasing in recent years. In June 2024, the index reached 129.9, up from 129 a year before. Nevertheless, prices widely varied in different London boroughs, with Kensington and Chelsea being the priciest boroughs for an apartment purchase.

The Halifax house price index, which was set at 100 in 1992, reached a value of more than 500 over the course of 2022. In December 2023, the index stood at 495.1, which was as slight increase from the same period in 2022. The average house price amounted to about 287,000 British pounds in December 2023. What drives house prices? 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. One of the main reasons for the decrease in house prices in the second half of 2022 was interest rates rising as a response to inflation. How many house sales occur per year? In the United Kingdom (UK), there are approximately one million residential property transactions annually. On a country level, England constitutes the majority of transactions made.

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.

The average house price in Northern Ireland has increased since 2015, with minor fluctuations over time. The house price index is calculated using data on housing transactions and measures the development of house prices, with 2015 chosen as a base year when the index value was set to 100. In June 2024, the house price index reached 166.8, meaning that house prices have grown by nearly 67 percent since 2015 and 6.4 percent since the same month a year ago. Among the different regions in the UK, West and East Midlands experienced the strongest growth.

United Kingdom House Price Index (HPI): Qtr: UK data was reported at 428.058 1Q1993=100 in Jun 2018. This records an increase from the previous number of 422.500 1Q1993=100 for Mar 2018. United Kingdom House Price Index (HPI): Qtr: UK data is updated quarterly, averaging 117.662 1Q1993=100 from Dec 1973 (Median) to Jun 2018, with 179 observations. The data reached an all-time high of 428.058 1Q1993=100 in Jun 2018 and a record low of 19.485 1Q1993=100 in Dec 1973. United Kingdom House Price Index (HPI): Qtr: UK data remains active status in CEIC and is reported by Nationwide. The data is categorized under Global Database’s UK – Table UK.EB005: House Price Index: Nationwide.

United Kingdom House Price: Qtr: Semi Detached: UK data was reported at 208,069.681 GBP in Jun 2018. This records an increase from the previous number of 204,309.752 GBP for Mar 2018. United Kingdom House Price: Qtr: Semi Detached: UK data is updated quarterly, averaging 148,767.432 GBP from Mar 1991 (Median) to Jun 2018, with 110 observations. The data reached an all-time high of 208,069.681 GBP in Jun 2018 and a record low of 48,719.489 GBP in Dec 1992. United Kingdom House Price: Qtr: Semi Detached: UK 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.

House Price Index: England & Wales data was reported at 233.500 Jan2002=100 in Nov 2018. This records a decrease from the previous number of 237.500 Jan2002=100 for Oct 2018. House Price Index: England & Wales data is updated monthly, averaging 225.000 Jan2002=100 from Jan 2010 (Median) to Nov 2018, with 107 observations. The data reached an all-time high of 261.200 Jan2002=100 in May 2017 and a record low of 179.800 Jan2002=100 in Jan 2011. House Price Index: England & Wales data remains active status in CEIC and is reported by Rightmove. The data is categorized under Global Database’s United Kingdom – Table UK.EB008: House Price Index: Rightmove.