Median price paid for residential property in England and Wales, by property type and administrative geographies. Quarterly rolling annual data. Formerly HPSSA dataset 9

In August 2024, the housing market in the UK saw a 20 percent increase in demand and 23 percent increase in the number of agreed sales. New inventory has also increased, with the stock of new homes for sale up by 14 percent and new supply, 12 percent. In 2023, house prices slightly declined, as the market cooled under the impact of soaring interest rates and worsened homebuyer sentiment.

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.

During the COVID-19 pandemic, the number of house sales in the UK spiked, followed by a period of decline. In 2023, the housing market slowed notably, and in September 2024, transaction volumes fell below 50,000. House sales volumes are affected 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 drop in sales.

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.

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

Compendium of housing statistics covering all aspects of housing in England. Source agency: Communities and Local Government Designation: National Statistics Language: English Alternative title: Housing Statistics, England

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 three percent. Between 2024 and 2028, the average house price growth is projected at 2.7 percent. A contraction after a period of continuous growth In June 2022, the UK's house price index exceeded 150 index points, meaning that since 2015 which was the base year for the index, house prices had increased by 50 percent. In just two years, between 2020 and 2022, the index surged by 30 index points. As the market stood in December 2023, the average price for a home stood at approximately 284,691 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 number of dwellings in the UK, and dwelling stock data by tenure for the UK’s constituent countries, where available.

Property Market Insights from Zoopla Live (Aggregated):

Discover valuable property market insights with our data product sourced from Zoopla Live, one of the UK's premier aggregators of property listings data. Gain access to a comprehensive dataset containing information on 27,000,000 homes, up to 1,000,000 property listings,.

The Urban Big Data Centre (UBDC) systematially collects daily property listings from Zoopla across the entire UK since 2017; and each year, we process and consolidate the collected data into yearly aggregated and harmonized 'analysis-ready' datasets.

Researchers can utilize this dataset to unlock meaningful insights into the property market.

Please note that additional daily data from Zoopla can be made available upon request if the provided aggregated product does not meet specific research requirements. Additionally, it's essential to be aware that each Zoopla year spans 18 months, from the 1st of Oct of the previous year until the 31st of March of the following year.

UBDC’s Zoopla data collection is a dataset that covers housing data since 2017, covering the area of Great Britain. UBDC has an agreement with Zoopla and has access to current property listings via Application Programming Interface (API). We have been collecting the listings since August 2016.

UBDC can provide Live Collected Aggregated Data: Aggregated (yearly) data made from Live Collected data. The Zoopla year is +/- 3 months for each year(= zoopla year 18 months) The collection requires unique property id in the API request.

We have also set up an email discussion list on housing data and related issues that you can join via the JISCMail website:

https://www.jiscmail.ac.uk/cgi-bin/webadmin?A0=UBDC-HOUSING-DATA

Note: In accessing this data, you agree that any downloading of content is for non-commercial reference only. No part of these materials may be used for any other purpose or reproduced or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the prior consent of the University of Glasgow.

Data is Zoopla Property Group PLC, © 2023, processed by Urban Big Data Centre, University of Glasgow

Details of the data available via Zoopla’s Application Programming Interface (API) can be found at

http://developer.zoopla.com/

Following large transfers of Social Housing stock from the Public Sector over the past twenty years, Housing Associations are now the major provider of social housing in the UK. The largest own thousands of houses but at the other end of the scale are very small organisations such as ancient Almshouse Charities, each owning a cottage or two and overseen by a part time Chairman or a Secretary.

The legal status and ownership of Housing Associations and Trusts is often complex. In some instances, a single management team may manage two or more Housing Associations which are distinct legal entities, for example one Charitable and one non-Charitable.

Housing Associations vary in the scope of their operations. The largest may cater for all types of tenants requiring public housing, whilst many of the smaller ones may cater for specific groups, for example, elderly residents of a certain parish or retired miners. The YMCAs and Foyers provide housing accommodation for single young people whilst the Abbeyfield Societies are voluntary bodies providing sheltered accommodation or nursing homes for the elderly.

How the data is organised:

Parent/Subsidiary Organisations - Housing Associations are regularly merging and renaming themselves. They are often managed in complex groups, with parent and subsidiaries organisations, some sharing their corporate management. Where there is a shared management team across a group, we list these contacts at the group organisation and not against each subsidiary, in order to avoid duplication.

Principal Contact - One person at each Association is identified as the "Chief Officer". In larger organisations this will normally be the Chief Executive or Director. In smaller Associations, it may be the Secretary or occasionally the Chairman, as requested by each organisation.

Job Functions - In addition to the Chief Officers we list a large number of other management posts. Due to the variety of job titles among Associations, we categorise by job function to identify responsibilities.

Units Owned/Managed - As well as recording the organisational structures, we also record the number of "units" each organisation owns/manages. "Units" can be anything from a detached house to a flat or a room or bed space in a nursing home or hostel.

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

The files below provide the affordable housing statistics for GLA funded programmes. The GLA is committed to open and transparent reporting and will publish statistics relating to housing delivery in London.

Downloads

• - Monthly GLA housing starts and completions data by programme, tenure and Local Authority, since April 2009.

  Excel or PDF

• - Annual Affordable Housing Additional Information by bedroom size by Local Authority:

  Excel or PDF

  Tables include:

• 1 Completions outturn by bedroom breakdown and borough

• 2 Starts-on-Site outturn by bedroom breakdown and borough

• 3 Completions outturn by bedroom breakdown and programme

• 4 Starts-on-Site outturn by bedroom breakdown and programme

• 5 Rent Completions outturn by bedroom breakdown and borough

• 6 Home Ownership Completions outturn by bedroom breakdown and borough

• 7 Rent Starts-on-Site outturn by bedroom breakdown and borough

• 8 Home Ownership Starts-on-Site outturn by bedroom breakdown and borough

• 9 Average Weekly Rents (all programmes) for completed homes by bedroom breakdown by borough

• 10 Affordable Homes Programme: Average weekly rent as % of market rent for homes completed by bedroom breakdown and borough.

This information supplements previous releases of national housing statistics published by the Homes and Communities Agency (external website).

To see future Publication Dates 2014-15 of the affordable Housing Statistics, please click here.

Annual scheme level data

A data set of scheme completions and starts since April 2011 is available. This data set will be updated on an annual basis.

See some of this data represented in charts and maps using Tableau reporting.

Visit GLA website for more information.

Further to the GLA's scheme of delegations, the Mayor has delegated authority to the Executive Director of Housing and Land to approve engagement with, and allocations to, new and existing housing providers bidding to deliver additional affordable homes in London. The approvals include bids for new schemes in existing programmes and the approval of variations to existing scheme allocations. The Additional Allocations file below lists additional funding approved under this delegation.

AHP Conversions

This report is based on information on conversions provided to the GLA by the Social Housing Regulator, the conversion data is as submitted by providers in their quarterly survey via NROSH+ (a website for all private registered providers except local authority providers to submit their annual data returns required by the Social Housing Regulator).

Number of existing residential property sales in England and Wales, by property type and administrative geographies. Quarterly rolling annual data. Formerly HPSSA dataset 8.

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.