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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.

Mortgages for Business – MPU

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

Region Average price December 2020 Annual change % since December 2019 Monthly change % since November 2020
East Midlands £215,046 10.6% 2.8%
East of England £310,912 7% 2.4%
London £496,066 3.5% -1.1%
North East £141,154 9.2% 1.9%
North West £183,727 11.2% 2.5%
South East £341,007 6.1% 0.1%
South West £282,388 10.2% 2.3%
West Midlands £216,950 9.4% 1.9%
Yorkshire and the Humber £182,907 10.4% 1.1%

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.
Repossession sales October 2020
East Midlands 25
East of England 9
London 30
North East 68
North West 88
South East 36
South West 27
West Midlands 35
Yorkshire and The Humber 36
England 354

Average price by property type for England

Property type December 2020 December 2019 Difference %
Detached £413,341 £375,353 10.1
Semi-detached £253,978 £233,213 8.9
Terraced £220,396 £201,726 9.3
Flat/maisonette £234,778 £224,882 4.4
All £269,150 £248,097 8.5

Funding and buyer status for England

Transaction type Average price December 2020 Annual price change % since December 2019 Monthly price change %since November 2020
Cash £253,634 8.6 1.7
Mortgage £277,012 8.4 1.4
First-time buyer £224,560 7.8 1.5
Former owner occupier £307,113 9.2 1.4

Building status for England

Building status* Average price October 2020 Annual price change % since October 2019 Monthly price change % since September 2020
New build £327,486 6.3 -0.7
Existing resold property £258,708 5.6 1.1

*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 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

Property type December 2020 December 2019 Difference %
Detached £959,589 £908,784 5.6
Semi-detached £616,718 £584,771 5.5
Terraced £536,104 £502,617 6.7
Flat/maisonette £423,399 £418,382 1.2
All £496,066 £479,153 3.5

Funding and buyer status for London

Transaction type Average price December 2020 Annual price change % since December 2019 Monthly price change %since November 2020
Cash £512,226 2 -1.6
Mortgage £490,513 3.9 -0.9
First-time buyer £431,160 3 -0.9
Former owner occupier £564,795 4.3 -1.4

Building status for London

Building status* Average price October 2020 Annual price change % since October 2019 Monthly price change % since September 2020
New build £505,833 3.4 -2.1
Existing resold property £492,362 4.4 -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 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

Property type December 2020 December 2019 Difference %
Detached £278,109 £250,719 10.9
Semi-detached £177,623 £161,024 10.3
Terraced £144,124 £129,382 11.4
Flat/maisonette £125,186 £115,908 8
All £184,195 £166,433 10.7

Funding and buyer status for Wales

Transaction type Average price December 2020 Annual price change % since December 2019 Monthly price change % since November 2020
Cash £178,870 10.2 2
Mortgage £187,378 11 2.4
First-time buyer £159,106 10.5 2.6
Former owner occupier £213,417 10.9 1.9

Building status for Wales

Building status* Average price October 2020 Annual price change % since October 2019 Monthly price change % since September 2020
New build £236,096 7.3 1.7
Existing resold property £173,807 6.6 3.4

*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.

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