By UK house prices increased by 10.2% in the year to March 2021, up from 9.2% in February 2021. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.8% between February and March 2021, compared with an increase of 0.9% during the same period a year earlier (February and March 2020).
The UK Property Transactions Statistics showed that in March 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 190,980. This is 102.4% higher than a year ago. Between February and March 2021, UK transactions increased by 32.2% on a seasonally adjusted basis.
House price growth was strongest in Yorkshire and the Humber where prices increased by 14% in the year to March 2021. The lowest annual growth was in London, where prices increased by 3.7% in the year to March 2021.
See the economic statement.
The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. The price data feeding into the March 2021 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of coronavirus took hold.
In England the March data shows, on average, house prices have risen by 1.7% since February 2021. The annual price rise of 10.2% takes the average property value to £274,615.
The regional data for England indicates that Yorkshire and the Humber experienced the greatest monthly price rise, up by 3.4%, the South East saw the lowest monthly price growth, with a fall of 0.9%, Yorkshire and the Humber experienced the greatest annual price rise, up by 14% and London saw the lowest annual price growth, with a rise of 3.7%.
Price change by region for England
| Region | Average price March 2021 | Annual change % since March 2020 | Monthly change % since February 2021 |
|---|---|---|---|
| East Midlands | £219,950 | 12.4 | 1.9 |
| East of England | £315,059 | 9.4 | 1.2 |
| London | £500,310 | 3.7 | 1.0 |
| North East | £145,893 | 13.7 | 3.0 |
| North West | £187,924 | 12.8 | 1.2 |
| South East | £348,615 | 7.9 | 0.9 |
| South West | £287,650 | 10.9 | 2.6 |
| West Midlands | £220,982 | 10.7 | 1.8 |
| Yorkshire and the Humber | £188,575 | 14.0 | 3.4 |
Repossession sales by volume for England
The lowest number of repossession sales in January 2021 was in the East of England and the South West.
The highest number of repossession sales in January 2021 was in the North West.
| Repossession sales | January 2021 |
|---|---|
| East Midlands | 8 |
| East of England | 5 |
| London | 23 |
| North East | 25 |
| North West | 34 |
| South East | 30 |
| South West | 5 |
| West Midlands | 15 |
| Yorkshire and the Humber | 28 |
| England | 173 |
Average price by property type for England
| Property type | March 2021 | March 2020 | Difference % |
|---|---|---|---|
| Detached | £423,450 | £378,553 | 11.9 |
| Semi-detached | £259,186 | £234,188 | 10.7 |
| Terraced | £226,369 | £202,000 | 12.1 |
| Flat/maisonette | £235,439 | £225,478 | 4.4 |
| All | £274,615 | £249,121 | 10.2 |
Funding and buyer status for England
| Transaction type | Average price March 2021 | Annual price change % since March 2020 | Monthly price change % since February 2021 |
|---|---|---|---|
| Cash | £258,370 | 10.4 | 1.8 |
| Mortgage | £282,815 | 10.2 | 1.7 |
| First-time buyer | £228,518 | 9.4 | 1.4 |
| Former owner occupier | £314,160 | 11.1 | 2.0 |
Building status for England
| Building status* | Average price January 2021 | Annual price change % since December 2019 | Monthly price change % since December 2020 |
|---|---|---|---|
| New build | £323,339 | 3.0 | 0.4 |
| Existing resold property | £264,658 | 8.8 | 0.1 |
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
London
London shows, on average, house prices have risen by 1% since February 2021. An annual price rise of 3.7% takes the average property value to £500,310.
Average price by property type for London
| Property type | March 2021 | March 2020 | Difference % |
|---|---|---|---|
| Detached | £966,217 | £917,831 | 5.3 |
| Semi-detached | £628,401 | £591,621 | 6.2 |
| Terraced | £541,889 | £505,497 | 7.2 |
| Flat/maisonette | £425,304 | £421,036 | 1.0 |
| All | £500,310 | £482,605 | 3.7 |
Funding and buyer status for London
| Transaction type | Average price March 2021 | Annual price change % since March 2020 | Monthly price change % since February 2021 |
|---|---|---|---|
| Cash | £522,332 | 3.1 | 2.3 |
| Mortgage | £493,489 | 3.8 | 0.7 |
| First-time buyer | £433,018 | 2.7 | 0.5 |
| Former owner occupier | £572,945 | 5.0 | 1.7 |
Building status for London
| Building status* | Average price January 2021 | Annual price change % since December 2019 | Monthly price change % since December 2020 |
|---|---|---|---|
| New build | £499,921 | -1.1 | 1.0 |
| Existing resold property | £505,448 | 6.9 | 0.7 |
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
Wales
Wales shows, on average, house prices have risen by 3.1% since February 2021. An annual price rise of 11% takes the average property value to £185,431.
There were 18 repossession sales for Wales in January 2021.
Average price by property type for Wales
| Property type | March 2021 | March 2020 | Difference % |
|---|---|---|---|
| Detached | £283,155 | £251,910 | 12.4 |
| Semi-detached | £178,631 | £161,715 | 10.5 |
| Terraced | £145,457 | £129,574 | 12.3 |
| Flat/maisonette | £119,432 | £116,600 | 2.4 |
| All | £185,431 | £167,040 | 11 |
Funding and buyer status for Wales
| Transaction type | Average price March 2021 | Annual price change % since March 2020 | Monthly price change % since February 2021 |
|---|---|---|---|
| Cash | £180,037 | 10.8 | 3.4 |
| Mortgage | £188,620 | 11.1 | 3.0 |
| First-time buyer | £159,375 | 10.4 | 2.8 |
| Former owner occupier | £216,107 | 11.7 | 3.4 |
Building status for Wales
| Building status* | Average price January 2021 | Annual price change % since December 2019 | Monthly price change % since December 2020 |
|---|---|---|---|
| New build | £235,648 | 4.9 | 0.6 |
| Existing resold property | £178,954 | 12.1 | -0.3 |
Comment from Ross Counsell, chartered surveyor and director at GoodMove, on today’s ONS House Price Index and how buyers can compete in today’s crowded market:
“According to ONS’s latest statistics, UK average house prices have increased again by 10.2% over the year to March 2021 and now stand at a record high of £275,000 in England.”
“This is the highest annual growth rate for house prices since August 2007, and shows that the property market is continuing to boom against the odds.”
“Interestingly, London continues to be the region with the lowest annual growth for the fourth consecutive month, now standing at 3.7%. And at £500,000, average house prices in the Capital also remain the most expensive in the UK.”
“We predict the low growth as an aftermath to people moving out of the cities during lockdown, but partnered with exceedingly high house prices makes for a difficult property market, especially for anyone looking to buy in the city.”
“If these ongoing figures show us anything it’s that buying a property right now is difficult, If I were to offer any advice to buyers on how to compete in this crowded market it would be to be prepared.”
“Look at listings everyday and know exactly what it is you’re looking for in a property.”
“Research the area/streets you’d like to live in depth and have a mortgage-in-principle ready to go too.”
“It’s also often worth enlisting the help of an estate agent who will let you know of any suitable properties first before they go on the wider market.”
“I’d also recommend looking for properties under your budget.”
“If you like the property so much as to put an offer in, then you can go in with a higher offer that will stand you in good stead over other people looking to buy.”
“You’ll likely save yourself a lot of money in the process and be a frontrunner for the sale.”
“And also – but act fast. Buying a home is a huge decision and one that shouldn’t be rushed, but if you view a home and fall in love with it and know the area is right for you, then put your offer in straight away.”
“Sellers’ no.1 goal is to sell their house and get their money, and they’ll always favour a buyer who is interested and moving fast rather than one who takes their time.”
“It can be disheartening for buyers at this time, but keep positive, be prepared, act fast and soon you’ll find your dream home.”
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