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.
Local authority and Local Enterprise Partnership data sets for key economic data by rural and urban breakdown.
<p class="gem-c-attachment_metadata"><span class="gem-c-attachment_attribute">MS Excel Spreadsheet</span>, <span class="gem-c-attachment_attribute">211 KB</span></p>
<p class="gem-c-attachment_metadata">This file may not be suitable for users of assistive technology.</p>
<details data-module="ga4-event-tracker" data-ga4-event='{"event_name":"select_content","type":"detail","text":"Request an accessible format.","section":"Request an accessible format.","index_section":1}' class="gem-c-details govuk-details govuk-!-margin-bottom-0" title="Request an accessible format.">
Request an accessible format.
If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email <a href="mailto:defra.helpline@defra.gov.uk" target="_blank" class="govuk-link">defra.helpline@defra.gov.uk</a>. Please tell us what format you need. It will help us if you say what assistive technology you use.
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
Housing Index in the United Kingdom increased to 514.30 points in July from 512.40 points in June of 2025. This dataset provides - United Kingdom House Price Index - actual values, historical data, forecast, chart, statistics, economic calendar and news.
Open Government Licence 3.0http://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/
License information was derived automatically
This is a spatial dataset containing polygons representing areas of vegetation mapped within the Moor House National Nature Reserve in the northern Pennines, England. The map was created by staff of The Nature Conservancy in the 1960s.
Dataset containing headroom information from the NGED Network Opportunity Map https://www.nationalgrid.co.uk/network-opportunity-map-application/ Data Quality Caveat We have developed the Network Opportunity Map dataset to assist you with connection applications in constrained areas and indicate where distribution connection opportunities may be available. For detailed information on transmission capacity please visit our Clearview Connect tool. The dataset gives a general illustration of potential connection opportunities and should not be relied upon to assess the terms of connection for specific premises. Whilst we use reasonable endeavours to ensure that the Network Opportunity Map and related information is accurate, we do not warrant, and do not accept any responsibility or liability for, the accuracy or completeness of the content or for any loss which may arise from reliance on the Network Opportunity Map or related information. The terms and conditions for use of our website apply to the Network Opportunity Map and related information.
Open Government Licence 3.0http://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/
License information was derived automatically
Traffic count from 8 counter located around Calderdale. Please note * Sdate - indicates the date and time the count was taken. * Cosit - camera ID number which indicates the camera location (see Counter Locations document below). * Period - length of time count was taken. * LaneNumber - Lane ID number which indicates the number of lanes. * LaneDirection - the number of directions the lane or lanes go. * Direction - the direction of the lane. * Volume - the number of vehicles counted, if the number is negative the count has been discarded. * Flag Text - Additional information e.g. roadworks, holiday, etc The Traffic count dashboard is a visualisation of this raw data split by full year count and snapshot count of vehicles at each counter location.
Private companies were responsible for most of the new homes built in the United Kingdom (UK), amounting to ******* units in 2023. Housing completions in the UK decreased for three years in a row between 2007 and 2010. This was followed by several years of fluctuation and a gradual increase from 2013 to 2019. The number of homes completed in England remained relatively stable in 2021 and 2022, after reaching a low point in the second quarter of 2020 due to the restrictions implemented to prevent the spread of COVID-19. Construction starts and completions Comparing the number of starts and completions in London side-by-side shows that whenever there is a significant growth or fall in the number of projects started, that peak or valley tends to be reflected in the number of buildings completed a couple of years later. Nevertheless, disruptions, delays, and other obstacles may affect that correlation. Still, observing how many home construction projects started in the UK can provide some insight into the level of activity that construction companies may have in the near future. Given that the number of housing starts is forecast to fall in 2023, there might be slightly less work to be carried out the following year. Nevertheless, housing starts are expected to pick up again by 2024 and 2025. Housing associations in the UK Housing associations are not-for-profit organizations created to develop and rent homes for a lower price than in the private market. They have acquired certain relevance in the UK, although this type of organization also exists in other countries. On several occasions during the past decade, over a fifth of housing starts in London were developed by housing associations. Meanwhile, the number of new homes completed in Scotland by housing associations has increased a lot throughout the years, with several thousand units constructed every year during the past decades.
https://www.ons.gov.uk/methodology/geography/licenceshttps://www.ons.gov.uk/methodology/geography/licences
This data is experimental, see the ‘Access Constraints or User Limitations’ section for more details. This dataset has been generalised to 10 metre resolution where it is still but the space needed for downloads will be improved.A set of UK wide estimated travel area geometries (isochrones), from Output Area (across England, Scotland, and Wales) and Small Area (across Northern Ireland) population-weighted centroids. The modes used in the isochrone calculations are limited to public transport and walking. Generated using Open Trip Planner routing software in combination with Open Street Maps and open public transport schedule data (UK and Ireland).The geometries provide an estimate of reachable areas by public transport and on foot between 7:15am and 9:15am for a range of maximum travel durations (15, 30, 45 and 60 minutes). For England, Scotland and Wales, these estimates were generated using public transport schedule data for Tuesday 15th November 2022. For Northern Ireland, the date used is Tuesday 6th December 2022.The data is made available as a set of ESRI shape files, in .zip format. This corresponds to a total of 18 files; one for Northern Ireland, one for Wales, twelve for England (one per English region, where London, South East and North West have been split into two files each) and four for Scotland (one per NUTS2 region, where the ‘North-East’ and ‘Highlands and Islands’ have been combined into one shape file, and South West Scotland has been split into two files).The shape files contain the following attributes. For further details, see the ‘Access Constraints or User Limitations’ section:AttributeDescriptionOA21CD or SA2011 or OA11CDEngland and Wales: The 2021 Output Area code.Northern Ireland: The 2011 Small Area code.Scotland: The 2011 Output Area code.centre_latThe population-weighted centroid latitude.centre_lonThe population-weighted centroid longitude.node_latThe latitude of the nearest Open Street Map “highway” node to the population-weighted centroid.node_lonThe longitude of the nearest Open Street Map “highway” node to the population-weighted centroid.node_distThe distance, in meters, between the population-weighted centroid and the nearest Open Street Map “highway” node.stop_latThe latitude of the nearest public transport stop to the population-weighted centroid.stop_lonThe longitude of the nearest public transport stop to the population-weighted centroid.stop_distThe distance, in metres, between the population-weighted centroid and the nearest public transport stop.centre_inBinary value (0 or 1), where 1 signifies the population-weighted centroid lies within the Output Area/Small Area boundary. 0 indicates the population-weighted centroid lies outside the boundary.node_inBinary value (0 or 1), where 1 signifies the nearest Open Street Map “highway” node lies within the Output Area/Small Area boundary. 0 indicates the nearest Open Street Map node lies outside the boundary.stop_inBinary value (0 or 1), where 1 signifies the nearest public transport stop lies within the Output Area/Small Area boundary. 0 indicates the nearest transport stop lies outside the boundary.iso_cutoffThe maximum travel time, in seconds, to construct the reachable area/isochrone. Values are either 900, 1800, 2700, or 3600 which correspond to 15, 30, 45, and 60 minute limits respectively.iso_dateThe date for which the isochrones were estimated, in YYYY-MM-DD format.iso_typeThe start point from which the estimated isochrone was calculated. Valid values are:from_centroid: calculated using population weighted centroid.from_node: calculated using the nearest Open Street Map “highway” node.from_stop: calculated using the nearest public transport stop.no_trip_found: no isochrone was calculated.geometryThe isochrone geometry.iso_hectarThe area of the isochrone, in hectares.Access constraints or user limitations.These data are experimental and will potentially have a wider degree of uncertainty. They remain subject to testing of quality, volatility, and ability to meet user needs. The methodologies used to generate them are still subject to modification and further evaluation.These experimental data have been published with specific caveats outlined in this section. The data are shared with the analytical community with the purpose of benefitting from the community's scrutiny and in improving the quality and demand of potential future releases. There may be potential modification following user feedback on both its quality and suitability.For England and Wales, where possible, the latest census 2021 Output Area population weighted centroids were used as the starting point from which isochrones were calculated.For Northern Ireland, 2011 Small Area population weighted centroids were used as the starting point from which isochrones were calculated. Small Areas and Output Areas contain a similar number of households within their boundaries. 2011 data was used because this was the most up-to-date data available at the time of generating this dataset. Population weighted centroids for Northern Ireland were calculated internally but may be subject to change - in the future we aim to update these data to be consistent with Census 2021 across the UK.For Scotland, 2011 Output Area population-weighted centroids were used as the starting point from which isochrones were calculated. 2011 data was used because this was the most up-to-date data available at the time of work.The data for England, Scotland and Wales are released with the projection EPSG:27700 (British National Grid).The data for Northern Ireland are released with the projection EPSG:29902 (Irish Grid).The modes used in the isochrone calculations are limited to public transport and walking. Other modes were not considered when generating this data.A maximum value of 1.5 kilometres walking distance was used when generating isochrones. This approximately represents typical walking distances during a commute (based on Department for Transport/Labour Force Survey data and Travel Survey for Northern Ireland technical reports).When generating Northern Ireland data, public transport schedule data for both Northern Ireland and Republic of Ireland were used.Isochrone geometries and calculated areas are subject to public transport schedule data accuracy, Open Trip Planner routing methods and Open Street Map accuracy. The location of the population-weighted centroid can also influence the validity of the isochrones, when this falls on land which is not possible or is difficult to traverse (e.g., private land and very remote locations).The Northern Ireland public transport data were collated from several files, and as such required additional pre-processing. Location data are missing for two bus stops. Some services run by local public transport providers may also be missing. However, the missing data should have limited impact on the isochrone output. Due to the availability of Northern Ireland public transport data, the isochrones for Northern Ireland were calculated on a comparable but slight later date of 6th December 2022. Any potential future releases are likely to contained aligned dates between all four regions of the UK.In cases where isochrones are not calculable from the population-weighted centroid, or when the calculated isochrones are unrealistically small, the nearest Open Street Map ‘highway’ node is used as an alternative starting point. If this then fails to yield a result, the nearest public transport stop is used as the isochrone origin. If this also fails to yield a result, the geometry will be ‘None’ and the ‘iso_hectar’ will be set to zero. The following information shows a further breakdown of the isochrone types for the UK as a whole:from_centroid: 99.8844%from_node: 0.0332%from_stop: 0.0734%no_trip_found: 0.0090%The term ‘unrealistically small’ in the point above refers to outlier isochrones with a significantly smaller area when compared with both their neighbouring Output/Small Areas and the entire regional distribution. These reflect a very small fraction of circumstances whereby the isochrone extent was impacted by the centroid location and/or how Open Trip Planner handled them (e.g. remote location, private roads and/or no means of traversing the land). Analysis showed these outliers were consistently below 100 hectares for 60-minute isochrones. Therefore, In these cases, the isochrone point of origin was adjusted to the nearest node or stop, as outlined above.During the quality assurance checks, the extent of the isochrones was observed to be in good agreement with other routing software and within the limitations stated within this section. Additionally, the use of nearest node, nearest stop, and correction of ‘unrealistically small areas’ was implemented in a small fraction of cases only. This culminates in no data being available for 8 out of 239,768 Output/Small Areas.Data is only available in ESRI shape file format (.zip) at this release.https://www.openstreetmap.org/copyright
Data from live tables 120, 122, and 123 is also published as http://opendatacommunities.org/def/concept/folders/themes/housing-market" class="govuk-link">Open Data (linked data format).
<p class="gem-c-attachment_metadata"><span class="gem-c-attachment_attribute"><abbr title="OpenDocument Spreadsheet" class="gem-c-attachment_abbr">ODS</abbr></span>, <span class="gem-c-attachment_attribute">492 KB</span></p>
<p class="gem-c-attachment_metadata">
This file is in an <a href="https://www.gov.uk/guidance/using-open-document-formats-odf-in-your-organisation" target="_self" class="govuk-link">OpenDocument</a> format
<p class="gem-c-attachment_metadata"><span class="gem-c-attachment_attribute"><abbr title="OpenDocument Spreadsheet" class="gem-c-attachment_abbr">ODS</abbr></span>, <span class="gem-c-attachment_attribute">13.4 KB</span></p>
<p class="gem-c-attachment_metadata">
This file is in an <a href="https://www.gov.uk/guidance/using-open-document-formats-odf-in-your-organisation" target="_self" class="govuk-link">OpenDocument</a> format
This table shows the average House Price/Earnings ratio, which is an important indicator of housing affordability. Ratios are calculated by dividing house price by the median earnings of a borough.
The Annual Survey of Hours and Earnings (ASHE) is based on a 1 per cent sample of employee jobs. Information on earnings and hours is obtained in confidence from employers. It does not cover the self-employed nor does it cover employees not paid during the reference period. Information is as at April each year. The statistics used are workplace based full-time individual earnings.
Pre-2013 Land Registry housing data are for the first half of the year only, so that they are comparable to the ASHE data which are as at April. This is no longer the case from 2013 onwards as this data uses house price data from the ONS House Price Statistics for Small Areas statistical release. Prior to 2006 data are not available for Inner and Outer London.
The lowest 25 per cent of prices are below the lower quartile; the highest 75 per cent are above the lower quartile.
The "lower quartile" property price/income is determined by ranking all property prices/incomes in ascending order.
The 'median' property price/income is determined by ranking all property prices/incomes in ascending order. The point at which one half of the values are above and one half are below is the median.
Regional data has not been published by DCLG since 2012. Data for regions has been calculated by the GLA. Data since 2014 has been calculated by the GLA using Land Registry house prices and ONS Earnings data.
Link to DCLG Live Tables
An interactive map showing the affordability ratios by local authority for 2013, 2014 and 2015 is also available.
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
Average House Prices in the United Kingdom increased to 298237 GBP in July from 297157 GBP in June of 2025. This dataset includes a chart with historical data for the United Kingdom Average House Prices.
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.
Attribution-NonCommercial 4.0 (CC BY-NC 4.0)https://creativecommons.org/licenses/by-nc/4.0/
License information was derived automatically
DescriptionThe Highway key is a label from OpenStreetMap which aims to map and document any kind of road, street or path. More information on the tag here. LimitationsBear in mind that OpenStreetMap (OSM) is a digital map database of the world built through crowdsourced volunteered geographic information (VGI). Therefore, there is no systematic quality check performed on the data, and the detail, precision and accuracy varies across space. AttributesOBJECTID: Assigned by WWF. Unique identifierhighway: Type of road facility (motorway, trunk, primary, secondary, tertiary)name: Name of the road facilitysource: Source of the Feature (Landsat, Bing, GPS, Yahoo)surface: Type of surface (paved, unpaved, asphalt, ground) oneway: Direction of flow in only one direction (N: No, Y: Yes).maxspeed: Maximum speed allowed (km/h)lanes: Number of traffic lanes for general purpose traffic, also for buses and other specific classes of vehicleservice: Other type of facilities in the road (alley, driveway, parking_aisle)source: Source of the feature (Landsat, Bing)
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
Home Ownership Rate in the United Kingdom decreased to 64.50 percent in 2023 from 64.70 percent in 2022. This dataset provides the latest reported value for - United Kingdom Home Ownership Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.
Open Government Licence 3.0http://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/
License information was derived automatically
centres communities community_centres facilities groups lifestyle17
Details of all Calderdale establishments registered to sell food including, name, address, ward and type.
Attribution 4.0 (CC BY 4.0)https://creativecommons.org/licenses/by/4.0/
License information was derived automatically
House Price Index YoY in the United Kingdom decreased to 2.40 percent in July from 2.70 percent in June of 2025. This dataset includes a chart with historical data for the United Kingdom House Price Index YoY.
https://inspire.ec.europa.eu/metadata-codelist/LimitationsOnPublicAccess/noLimitationshttps://inspire.ec.europa.eu/metadata-codelist/LimitationsOnPublicAccess/noLimitations
The Scotland Heat Map includes information on the percentage of households in each 2011 Data Zone that are renting their home from a council or a housing association (socially renting). Alongside other heat map datasets, this data is used to identify areas suitable for measures to reduce carbon emissions from heating homes and other buildings. For example, through the creation of heat networks. The 2011 Census provides the total number of households and the number of socially rented households in each 2011 Data Zone. Scotland's census is carried out by National Records of Scotland. Boundaries for Data Zones are created by the Scottish Government. Census data and Data Zone boundaries are updated approximately every 10 years. The Scotland Heat Map is a tool to help plan for the reduction of carbon emissions from heat in buildings. More information can be found in the documentation available on the Scottish Government website: https://www.gov.scot/publications/scotland-heat-map-documents/ The Scotland's Census website provides details on how the census is carried out and information on accessing publicly available census data, including geographical areas: https://www.scotlandscensus.gov.uk/
Digital Map Market Size 2025-2029
The digital map market size is forecast to increase by USD 31.95 billion at a CAGR of 31.3% between 2024 and 2029.
The market is driven by the increasing adoption of intelligent Personal Digital Assistants (PDAs) and the availability of location-based services. PDAs, such as smartphones and smartwatches, are becoming increasingly integrated with digital map technologies, enabling users to navigate and access real-time information on-the-go. The integration of Internet of Things (IoT) enables remote monitoring of cars and theft recovery. Location-based services, including mapping and navigation apps, are a crucial component of this trend, offering users personalized and convenient solutions for travel and exploration. However, the market also faces significant challenges.
Ensuring the protection of sensitive user information is essential for companies operating in this market, as trust and data security are key factors in driving user adoption and retention. Additionally, the competition in the market is intense, with numerous players vying for market share. Companies must differentiate themselves through innovative features, user experience, and strong branding to stand out in this competitive landscape. Security and privacy concerns continue to be a major obstacle, as the collection and use of location data raises valid concerns among consumers.
What will be the Size of the Digital Map Market during the forecast period?
Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free Sample
In the market, cartographic generalization and thematic mapping techniques are utilized to convey complex spatial information, transforming raw data into insightful visualizations. Choropleth maps and dot density maps illustrate distribution patterns of environmental data, economic data, and demographic data, while spatial interpolation and predictive modeling enable the estimation of hydrographic data and terrain data in areas with limited information. Urban planning and land use planning benefit from these tools, facilitating network modeling and location intelligence for public safety and emergency management.
Spatial regression and spatial autocorrelation analyses provide valuable insights into urban development trends and patterns. Network analysis and shortest path algorithms optimize transportation planning and logistics management, enhancing marketing analytics and sales territory optimization. Decision support systems and fleet management incorporate 3D building models and real-time data from street view imagery, enabling effective resource management and disaster response. The market in the US is experiencing robust growth, driven by the integration of Geographic Information Systems (GIS), Global Positioning Systems (GPS), and advanced computer technology into various industries.
How is this Digital Map Industry segmented?
The digital map industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.
Application
Navigation
Geocoders
Others
Type
Outdoor
Indoor
Solution
Software
Services
Deployment
On-premises
Cloud
Geography
North America
US
Canada
Europe
France
Germany
UK
APAC
China
India
Indonesia
Japan
South Korea
Rest of World (ROW)
By Application Insights
The navigation segment is estimated to witness significant growth during the forecast period. Digital maps play a pivotal role in various industries, particularly in automotive applications for driver assistance systems. These maps encompass raster data, aerial photography, government data, and commercial data, among others. Open-source data and proprietary data are integrated to ensure map accuracy and up-to-date information. Map production involves the use of GPS technology, map projections, and GIS software, while map maintenance and quality control ensure map accuracy. Location-based services (LBS) and route optimization are integral parts of digital maps, enabling real-time navigation and traffic data.
Data validation and map tiles ensure data security. Cloud computing facilitates map distribution and map customization, allowing users to access maps on various devices, including mobile mapping and indoor mapping. Map design, map printing, and reverse geocoding further enhance the user experience. Spatial analysis and data modeling are essential for data warehousing and real-time navigation. The automotive industry's increasing adoption of connected cars and long-term evolution (LTE) technologies have fueled the demand for digital maps. These maps enable driver assistance app
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.
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.