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:
Includes house price growth
Includes UK house price crash
Includes are house prices in London falling
House prices in the UK
The average house price in the UK is now £234,742, according to the latest Office for National Statistics (ONS) figures.¹
They increased by 2.18% from December 2018 to December 2019.
There’s been a monthly increase of 0.27% from November 2019 to December 2019.
Average house prices have increased over the last 12 months to:
£251,711 in England (2.16%)
£165,735 in Wales (2.16%)
£151,603 in Scotland (2.25%)
£140,190 in Northern Ireland (2.51%)
House prices have increased in all regions
Average house prices have increased in all regions for the first time since February 2018.
Prices in Yorkshire and the Humber had increased by 3.86% over the year to December 2019, taking the average to £168,382.
This makes it the English region with the highest annual house price growth.
The South East of England had the lowest annual growth. Prices there increased by just 1.22% from December 2018 to December 2019.
Meanwhile house prices increased in London by 2.25% over the year to December 2019. They were up by 1.6% compared to the previous month.
The average house in London is now more than 3.5 times more expensive than the average in the North East.
With an average of £130,977, the North East has the lowest house prices.
The North East is the only region in England where prices haven’t fully recovered from the 2007-08 financial crisis.
Latest average sold house prices where you are
Scotland
£151,603
North East
£130,977
Northern Ireland
£140,190
Yorkshire & The Humber
£168,382
North West
£166,003
West Midlands
£201,343
East Midlands
£197,048
East
£297,714
Wales
£165,735
London
£483,922
South East
£325,050
South West
£262,286
Brexit and house prices
There have been concerns that Brexit would cause a UK house price crash.
However, 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 £234,742.
The rate at which house prices have risen, however, has slowed.
Read our Brexit house price guide to find out more.
UK house price news
There are positive signs in the housing market, but it’s too soon to say whether the trend will continue, according to Halifax.²
“A number of important market indicators continue to show signs of improvement,” said Russell Galley, the lender’s managing director.
“We have seen a pick-up in transactions with more buyer and seller activity consistent with a reduction in uncertainty in the UK economy.
“However, it’s too early to say if a corner has been turned. The recent positive figures may actually represent activity that would ordinarily have been expected to take place last year, but was delayed by economic uncertainty.
“So while housing market activity has undoubtedly increased over recent months, the extent to which this persists will be driven by housing policy, the wider political environment and trends in the economy.”
London house prices
The average price in the capital is £483,922 an increase of 2.25% over the year to December 2019.
House prices rose by 1.6% from November 2019 to December 2019.
It’s a big increase – London saw the second lowest annual growth in the UK in November.
But London’s sudden rise in house prices could be down to an increase in sales of very expensive homes, according to the ONS.
“In December 2019, average house prices in London grew by 2.3% on the year, the highest rate since October 2017,” it said.³
“This is a sharp increase from growth of 0.4% in the year to November 2019, and the fall in average prices of 1.2% seen in the year to October 2019.
“An increase in the average growth rate does not necessarily reflect an increase in prices across the board, and could instead be the result of a larger than usual shift in the type of properties being sold.
“This is particularly relevant in London where there is large variation in property prices, and a considerable number of very high value properties, sales of which could affect average price growth.
“Purchases of very high value properties may be particularly affected by considerations such as uncertainty, including around the effects of the UK’s withdrawal from the EU, expectations of actual or potential tax changes, and other factors that may have an impact on their ongoing value.”
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 3.38%.
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 £483,922.
Average price paid:
by a first time buyer – £423,201
by a former owner occupier – £546,304
in cash – £508,340
with a mortgage – £476,543⁴
Average price in London per property type
detached –£928,547
semi detached – £590,170
terrace – £503,795
flat/maisonette – £423,844
Birmingham house prices
Birmingham is in the West Midlands where house prices grew 1.45% from December 2018 to December 2019.
However, they fell from £202,178 in November 2019 to £201,343 in December 2019.
The average property price in Birmingham is £190,195, a year on year rise of 0.69%, according to the latest figures.
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 – £167,343
by a former owner occupier – £218,012
in cash – £177,789
with a mortgage – £195,305
Average price in Birmingham per property type
detached – £362,112
semi detached – £215,102
terrace – £170,280
flat/maisonette – £136,553
Bristol house prices
Bristol is in the South West of England where the average house price is £262,286.
The average house price in Bristol, however, is £284,313. This is a 1.34% increase since December 2018, when the average was £280,540.
Prices in Bristol have risen by 12.88% since the EU referendum in June 2016, when the average was £251,883.
This contrasts with London, for example, where prices rose by 3.38% in that time.
Average price paid:
by a first time buyer – £259,209
by a former owner occupier – £314,760
in cash – £280,371
with a mortgage – £285,661
Average price in Bristol per property type
detached – £534,499
semi detached – £347,541
terrace – £289,547
flat/maisonette – £227,444
Edinburgh house prices
The average house price in Edinburgh is now £269,603, 77.83% higher than the Scottish average of £151,603.
Prices in the capital have increased 2.84% from December 2018 to December 2019.
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 – £216,679
by a former owner occupier – £328,437
in cash – £264,732
with a mortgage – £271,485
Average price in Edinburgh per property type
detached – £571,149
semi detached – £362,078
terrace – £288,120
flat/maisonette – £210,238
Manchester house prices
The average house price in Manchester is now £185,809, an increase of 3.57% since the same time the previous year.
The city is in the North West of England, where the average property costs £166,003.
Property prices in Manchester have risen by 22.82% since the vote to leave the EU in June 2016.
This contrasts strongly with London, for example, where prices have only risen by 3.38% in the same period.
Average price paid:
by a first time buyer – £171,111
by a former owner occupier – £202,119
in cash – £177,049
with a mortgage – £189,908
Average price in Manchester per property type
detached – £333,671
semi detached – £228,805
terrace – £171,286
flat/maisonette – £164,188
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Sources
¹ UK House Price Index: December 2019
² Halifax House Price Index 7/02/2020
³ ONS Prices economic commentary: February 2020
⁴ UK House Price Index, House Price Statistics
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