UK house prices
The latest UK sold house prices and whether prices are going up or down where you live
In this house prices guide:
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
Coronavirus and 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.
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
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 £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
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
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
Get a mortgage with Trussle today
Fee-free online mortgage broker
Rated 4.9/5 on Trustpilot - the UK's top rated online mortgage broker
Thousands of deals from 90 lenders
Straightforward online application process
No waiting for appointments
No paperwork
Free ongoing mortgage monitoring
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.