UK house prices

The latest UK sold house prices and whether prices are going up or down where you live

Your home could be repossessed if you don't keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. Any savings will vary depending on personal circumstances.
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House prices in the UK

The average house price in the UK is now £234,612. This is from the latest Office for National Statistics (ONS) figures.¹

They’ve increased by 2.6% from March 2019 to March 2020.

Average house prices have increased over the last 12 months to:

  • £250,874 in England (2.53%)

  • £169,489 in Wales (4.97%)

  • £153,281 in Scotland (1.64%)

  • £140,580 in Northern Ireland (2.64%)

House prices in the East Midlands have risen the most

The East Midlands was the English region with the highest annual house price growth.

Prices increased by 4.7% to £200,513 from April 2019 to April 2020, up 3% from £194,664 in March 2020.

However, London prices remain the highest.

The lowest annual growth was in the North East, where prices fell by 2.39% from April 2019 to April 2020.

The average house in the North East costs £125,938. This is the only English region that has not gone beyond its pre-economic downturn peak of July 2007.

Latest average sold house prices where you are

£153,281

£125,938

£140,580

£165,561

£167,809

£202,093

£200,513

£295,640

£169,489

£480,425

£327,413

£255,891

Coronavirus and house prices

Chancellor Rishi Sunak introduced a stamp duty holiday in the summer budget.

Buyers will not pay any stamp duty on the first £500,000 of property purchases between now and next March. This is up from £125,000.

Experts hope that the stamp duty holiday and the easing of lockdown will get the property market moving again. As well as protect UK house prices from a sharp fall this year. 

Enquiries to estate agents for homes between £400,000 to £500,000 rose 49% after the government announced the stamp duty holiday in July.²

Here are just some of the predictions for how much house prices will drop:

  • Knight Frank – 7%

  • Savills – 5 to 10%

  • Centre for Economics and Business Research – 13%

  • Lloyds Banking Group – 30.2% over the next 3 years

  • Deutsche Bank – 23%³ 

Brexit and house prices

There were concerns that Brexit would cause a UK house price crash.

House prices have, in general, been rising since the UK voted to leave the EU.

In June 2016 the average UK house price was £212,887, according to the ONS. It’s now £234,613.

The rate at which house prices have risen, has slowed.

Learn more in our Brexit house price guide.

London house prices

The average price in London is £480,425, a 2.27% increase from April 2019 to April 2020.

Prices in the capital fell by 1.1% from March 2020 to April 2020.

London house prices and Brexit

In June 2016, when the UK voted to leave the EU, the average house price in London was £468,120. It’s since increased by 2.62%

The capital remains the most expensive place to buy a property in the UK. 

Are house prices in London falling

Average London house prices reached a peak of £488,527 in July 2017. They fell to £463,182 in May 2019 and are now up to £480,425.

Average price paid

  • By a first time buyer – £417,555

  • By a former owner occupier – £547,020

  • In cash – £504,860

  • With a mortgage – £473,059⁴

Average price in London by property type

  • Detached – £971,142

  • Semi detached – £602,377

  • Terrace – £511,058

  • Flat/maisonette – £410,745

Birmingham house prices

Birmingham is in the West Midlands where the average house price grew from £195,750 in April 2019 to £202,093 in April 2020.

The average property price in Birmingham is £188,762, up from £186,990 the previous year.

Prices have continued to rise since the EU referendum in June 2016, when the average was £161,121.

Average price paid

  • By a first time buyer – £166,423

  • By a former owner occupier – £212,391

  • In cash – £176,285

  • With a mortgage – £193,886

Average price in Birmingham per property type

  • Detached – £358,034

  • Semi detached – £212,577

  • Terrace – £170,859

  • Flat or maisonette – £134,365

Bristol house prices

Bristol is in the South West of England, where the average house price is £255,891.

The average house price in Bristol, is £288,171. This is a 3.49% increase since April 2019, when the average was £278,452.

Prices in Bristol have risen by 14.4% since the EU referendum in June 2016, when the average was £251,883.

This contrasts with London, for example, where prices have risen by 2.62% – £468,120 to £480,425.

Average price paid

  • By a first time buyer – £263,269

  • By a former owner occupier – £318,065

  • In cash – £282,484

  • With a mortgage – £289,972

Average price in Bristol per property type

  • Detached –  £542,877

  • Semi detached – £353,690

  • Terrace – £296,602

  • Flat or maisonette – £226,942

Edinburgh house prices

The average house price in Edinburgh is now £281,266, 83.49% higher than the Scottish average of £153,281.

Prices in the capital have increased by 7.52% from April 2019 to April 2020. 

They’ve also increased rapidly since the vote to leave the EU in June 2016, when the average price was £219,977.

Average price paid

  • By a first time buyer – £225,348

  • By a former owner occupier – £344,071

  • In cash – £274,469

  • With a mortgage – £283,908

Average price in Edinburgh per property type

  • Detached – £611,559

  • Semi detached – £382,223

  • Terrace – £305,263

  • Flat or maisonette – £217,493

Manchester house prices

The average house price in Manchester is now £177,291, an increase of 0.97% since April 2019.

The city is in the North West of England, where the average property costs £167,809.

Property prices in Manchester have dropped by 15.5% since the vote to leave the EU in June 2016. At this point, the average price was £151,281. 

This contrasts with London where prices have risen by 2.62% in that time.

Average price paid

  • By a first time buyer – £163,356

  • By a former owner occupier – £192,664

  • In cash – £168,658

  • With a mortgage – £181,294

Average price in Manchester per property type

  • Detached – £319,957

  • Semi detached – £219,787

  • Terrace – £166,700

  • Flat or maisonette – £152,808

Sources

¹ ONS UK House Price Index: April 2020

² Rightmove: Find out where demand has doubled since stamp duty holiday 

³ Telegraph: Will house prices fall after lockdown, and what has to happen for a worst case 30pc market crash? 

⁴ Land Registry UK House Price Index

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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