House prices in the UK

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.

Latest average sold house prices where you are

Scotland

£151,856

North East

£126,945

Northern Ireland

£140,580

Yorkshire & The Humber

£159,208

North West

£166,202

West Midlands

£195,917

East Midlands

£194,664

East

£291,254

Wales

£161,684

London

£485,794

South East

£323,353

South West

£263,360

Coronavirus and house prices

Now that the housing market is open again house prices may drop as the coronavirus continues to adversely affect people’s finances and the economy.

The government has eased lockdown restrictions in England allowing estate agents, buyers and surveyors to visit properties.

Some lenders who had withdrawn certain mortgages have since reintroduced them.

And while pent up demand may keep prices stable in the short term, prices may start to fall in the months to come. Some sellers have already lowered their asking prices.

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

  • Knight Frank – 7%

  • Savills – 5 to 10%

  • Centre for Economics and Business Research – 13%

  • Lloyds Banking Group 30.2% over the next 3 years

  • Deutsche Bank – 23%²

Brexit and house prices

There were 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 £231,855.

The rate at which house prices have risen, however, has slowed.

Read our Brexit house price guide to find out more.

London house prices

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

Birmingham house prices

Birmingham is in the West Midlands where the average house price grew from £195,136 in March 2019 to £195,917 in March 2020.

The average property price in Birmingham is £185,499, down from £186,419 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 – £163,323

  • by a former owner occupier – £212,391

  • in cash – £173,440

  • with a mortgage – £190,462

Average price in Birmingham per property type

  • detached – £352,156

  • semi detached – £209,769

  • terrace – £166,164

  • flat/maisonette – £133,247

Bristol house prices

Bristol is in the South West of England, where the average house price is £263,360.

The average house price in Bristol, however, is £285,268. This is a 3.09% increase since March 2019, when the average was £276,709.

Prices in Bristol have risen by 13.25% since the EU referendum in June 2016, when the average was £251,883.

This contrasts with London, for example, where prices have risen by 3.78% – £468,120 to £485,794 – in that time.

Average price paid

  • by a first time buyer – £260,219

  • by a former owner occupier – £315,577

  • in cash – £281,635

  • with a mortgage – £286,548

Average price in Bristol per property type

  • detached –  £533,565

  • semi detached – £347,809

  • terrace – £290,730

  • flat/maisonette – £228,484

Edinburgh house prices

The average house price in Edinburgh is now £270,111, 77.87% higher than the Scottish average of £151,856.

Prices in the capital have increased by 3.05% from March 2019 to March 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 – £216,622

  • by a former owner occupier – £330,055

  • in cash – £264,477

  • with a mortgage – £272,304

Average price in Edinburgh per property type

  • detached – £576,521

  • semi detached – £364,937

  • terrace – £290,115

  • flat/maisonette – £210,167

Manchester house prices

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

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Sources

¹ ONS UK House Price Index: March 2019

² Telegraph: Will house prices fall after lockdown, and what has to happen for a worst case 30pc market crash? 

³ Land Registry UK House Price Index

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