Annual UK House Price Rise of 8.5% in the Midst of a Global Pandemic

The Latest UK House Price Data from the Office for National Statistics shows the average house price of a UK property in December was £251,500, an annual house price rise of 8.5%, achieved in the midst of a global pandemic.

UK house prices increased by 8.5% in the year to December 2020, up from 7.1% in November 2020. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.2% between November and December 2020, compared with a fall of 0.1% during the same period a year earlier (November and December 2019).

The UK Property Transactions Statistics showed that in December 2020, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 129,400. This is 31.5% higher than a year ago. Between November and December 2020, UK transactions increased by 13.1% on a seasonally adjusted basis.

House price growth was strongest in the North West of England where prices increased by 11.2% in the year to December 2020. The lowest annual growth was in the London, where prices increased by 3.5% in the year to December 2020, down from 7.0% in the year to November 2020.

• on average, house prices have risen 1.2% since November 2020
• there has been an annual price rise of 8.5% which makes the average property in the UK valued at £251,500

England

In England, the December data shows on average, house prices have risen by 1.5% since November 2020. The annual price rise of 8.5% takes the average property value to £269,150.

The regional data for England indicates that:

• the East Midlands experienced the greatest monthly price rise, up by 2.8%
• London saw the lowest monthly price growth, with a fall of 1.1%
• the North West experienced the greatest annual price rise, up by 11.2%
• London saw the lowest annual price growth, with a rise of 3.5%

Price change by region for England

Repossession sales by volume for England

• The lowest number of repossession sales in October 2020 was in the East of England.
• The highest number of repossession sales in October 2020 was in the North West.

Average price by property type for England

Funding and buyer status for England

Building status for England

*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 fallen by 1.1% since November 2020. An annual price rise of 3.5% takes the average property value to £496,066.

Average price by property type for London

Funding and buyer status for London

Building status for London

*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 2.3% since November 2020. An annual price rise of 10.7% takes the average property value to £184,195.
• There were 33 repossession sales for Wales in October 2020.

Average price by property type for Wales

Funding and buyer status for Wales

Building status for Wales

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

View the full UK HPI here.