1 dataset found
  1. Annual change in house prices in the UK 2015-2024, per month

    • statista.com
    Updated Jan 28, 2025
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    Statista (2025). Annual change in house prices in the UK 2015-2024, per month [Dataset]. https://www.statista.com/statistics/751619/house-price-change-uk/
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    Dataset updated
    Jan 28, 2025
    Dataset authored and provided by
    Statistahttp://statista.com/
    Time period covered
    Jan 2015 - Jun 2024
    Area covered
    United Kingdom
    Description

    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.

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Share
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TwitterTwitter
Email
Click to copy link
Link copied
Close
Cite
Statista (2025). Annual change in house prices in the UK 2015-2024, per month [Dataset]. https://www.statista.com/statistics/751619/house-price-change-uk/
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Annual change in house prices in the UK 2015-2024, per month

Explore at:
Dataset updated
Jan 28, 2025
Dataset authored and provided by
Statistahttp://statista.com/
Time period covered
Jan 2015 - Jun 2024
Area covered
United Kingdom
Description

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.

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