House prices in the UK

The average house price in the UK is now £244,513 according to the latest Office for National Statistics (ONS) figures.¹

They’ve increased by 4.7% over the past year.

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

  • £261,795 in England (4.9%)

  • £170,604 in Wales (3.8%)

  • £161,510 in Scotland (4.3%)

  • £143,205 in Northern Ireland (2.1%)

House prices in England have risen the most

House price growth was strongest in England where prices increased by 4.9% over the year to September 2020. 

The highest annual growth within the English regions was in the South West where average house prices grew by 6.4%. 

The lowest annual growth was in the North East, where prices increased by only 3.3% over the year to September 2020.

Latest average sold house prices where you are

£161,510

£136,262

£143,205

£174,450

£176,976

£208,497

£204,581

£305,764

£170,604

£496,485

£336,763

£275,376

Impact of coronavirus and Brexit on house prices

Chancellor Rishi Sunak introduced a stamp duty holiday for England and Northern Ireland in the summer budget.

Buyers will not pay any stamp duty on the first £500,000 (up from £125,000) of property purchases between now and the end of March 2021.

The stamp duty holiday combined with the easing of lockdown appears to have got the property market moving again, with house prices showing a rise that would have been unexpected at the beginning of the year. 

The average time to sell of 50 days is quicker than ever before, leaving agents with more properties marked as sold than available for sale for the first time ever, according to Rightmove.²

The Royal Institution of Chartered Surveyors’ (RICS) October 2020 UK Residential Market Survey³ results signal that market recovery is gaining more momentum. Survey feedback is still pointing to strength in buyer enquiries, agreed sales, new instructions and prices.

However, respondents remain cautious that this momentum will be maintained once government support measures are phased out early next year.

House price predictions

At the beginning of the year most experts were predicting that house prices would drop this year. But many have revised their predictions, and expect prices to rise.

But the Centre for Economics and Business Research predicts house prices will fall by almost 14% next year once the government’s temporary cut in stamp duty ends and the economic impact of coronavirus filters through to the property market.

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

  • Savills  +4% ⁴

  • Knight Frank +2% ⁵

  • Centre for Economics and Business Research – 10%

  • Lloyds Banking Group -6% ⁶

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 £244,513.

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 has risen from  £200,446 in September 2019 to £208,497 in September 2020.

The average property price in Birmingham is £193,774, up from £189,980 the previous year.

Prices have risen steadily since the EU referendum in June 2016, when the average was £161,121.

Average price paid:

  • by a first time buyer – £170,175

  • by a former owner occupier – £222,640

  • in cash – £179,756

  • with a mortgage – £199,459⁷

Average price in Birmingham per property type

  • detached – £370,661

  • semi detached – £220,306

  • terrace – £175,846

  • flat/maisonette – £135,183⁷

Bristol house prices

Bristol is in the South West of England, where the average house price is £275,376.

The average house price in Bristol, however, is £301,451. This is a 5.3% increase since September 2019, when the average was £286,390.

Prices in Bristol have risen by 19.7% since the EU referendum in June 2016, when the average was £251,883.

This contrasts with London, for example, where prices have risen by only 6.1% – £468,120 to £496,485. – in that time.

Average price paid:

  • by a first time buyer – £273,987

  • by a former owner occupier – £335,275

  • in cash – £296,626

  • with a mortgage – £303,077⁷

Average price in Bristol per property type

  • detached –  £568,086

  • semi detached – £369,966

  • terrace – £311,265

  • flat/maisonette – £236,555⁷

Discover more about buying a house in Bristol

Edinburgh house prices

The average house price in Edinburgh is now £280,154, 73.5% higher than the Scottish average of £161,510.

Prices in the capital have increased by 2% from September 2019 to September 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 – £224,960

  • by a former owner occupier – £341,882

  • in cash – £274,863

  • with a mortgage – £282,223⁷

Average price in Edinburgh per property type

  • detached – £592,608

  • semi detached – £378,381

  • terrace – £303,411

  • flat/maisonette – £217,841⁷

Manchester house prices

The average house price in Manchester is now £194,249, an increase of 5.8% since September 2019.

The city is in the North West of England, where the average property costs £176,976.

Property prices in Manchester have risen by 28.4% since the vote to leave the EU in June 2016, when the average price was £151,281. 

This contrasts with London where prices have risen by 6.1% in that time.

Average price paid

  • by a first time buyer – £178,540

  • by a former owner occupier – £211,989

  • in cash – £184,464

  • with a mortgage – £198,755⁷

Average price in Manchester per property type

  • detached – £348,718

  • semi detached – £240,451

  • terrace – £181,560

  • flat/maisonette – £168,621⁷

Find out more in our guide about buying a house in Manchester

Sources

¹ ONS UK House Price Index: September 2020

² Rightmove: House Price Index

³ RIC.org: UK Residential Market Survey

⁴ Buy Association: UK housing market predictions: what to expect from the 12 months ahead

⁵ Knight Frank: UK Residential Market Forecast (2020-2024)

⁶ The Times: Lloyds says house prices could fall by nearly 10%

⁷ Land Registry: UK House Price Index

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