UK house prices

The average house price in the UK is now £231,855, according to the latest Office for National Statistics (ONS) figures.¹

They’ve increased by 1.26% from March 2019 to March 2020.

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

• £248,271 in England (2.18%)

• £161,684 in Wales (1.11%)

• £152,856 in Scotland (2.16%)

• £140,580 in Northern Ireland (3.80%)

However, the average house price fell by 2.1% from February 2020 to March 2020.

The figures may have been affected by government measures to reduce the spread of the coronavirus, which froze the housing market.

House prices in London have risen the most

London was the English region with the highest annual house price growth.

Prices in the capital increased by 4.66% to £485,794 from March 2019 to March 2020, up 1.85% from £476,972 in February 2020.

However, the huge rise in London prices may reflect sales of very expensive homes, according to the ONS.¹

The lowest annual growth was in Yorkshire and The Humber, where prices fell by 1.03% from March 2019 to March 2020.

The average house in Yorkshire and The Humber costs £159,208.

The lowest average house prices are still in the North East, the only English region that hasn’t surpassed its pre-economic downturn peak of July 2007.

The average house there costs £126,945.

The average price in London is £485,794, a 4.66% increase from March 2019 to March 2020.

Prices in the capital rose by 1.85% from February 2020 to March 2020.

The increase may be down to sales of very expensive homes, the ONS suggested.¹

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 2.88%

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 £485,794.

Average price paid

• by a first time buyer – £425,911

• by a former owner occupier – £546,525

• in cash – £514,310

• with a mortgage – £477,501³

Average price in London by property type

• detached – £889,309

• semi detached – £581,358

• terrace – £506,179

• flat/maisonette – £429,401

The average house price in Manchester is now £184,506, an increase of 3.59% since March 2019.

The city is in the North West of England, where the average property costs £166,202.

Property prices in Manchester have risen by 21.96% 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 3.78% in that time.

Average price paid

• by a first time buyer – £170,023

• by a former owner occupier – £200,467

• in cash – £175,982

• with a mortgage – £188,512

Average price in Manchester per property type

• detached – £330,191

• semi detached – £226,893

• terrace – £171,212

• flat/maisonette – £162,263