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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