0
  • on average, house prices have fallen 0.5% since December 2020
  • there has been an annual price rise of 7.5% which makes the average property in the UK valued at £249,309

UK house prices

UK house prices increased by 7.5% in the year to January 2021, down from 8.0% in December 2020. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.5% between December 2020 and January 2021, compared with an increase of 0.1% during the same period a year earlier (December 2019 and January 2020).

The UK Property Transactions Statistics showed that in January 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 121,640. This is 24.1% higher than a year ago.

Alan Boswell – MPU

Between December 2020 and January 2021, UK transactions decreased by 2.4% on a seasonally adjusted basis.

House price growth was strongest in the North West where prices increased by 12.0% in the year to January 2021.

The lowest annual growth was in the West Midlands, where prices increased by 4.7% in the year to January 2021.

See the economic statement here.

England

In England the January data shows, on average, house prices have fallen by 0.6% since December 2020. The annual price rise of 7.5% takes the average property value to £266,532.

The regional data for England indicates the:

  • North West experienced the greatest monthly price rise, up by 0.7%
  • West Midlands saw the lowest monthly price growth, with a fall of -2.3%
  • North West experienced the greatest annual price rise, up by 12%
  • West Midlands saw the lowest annual price growth, with a rise of 4.7%

Price change by region for England

Region Average price January 2021 Annual change % since January 2020 Monthly change % since December 2020
East Midlands £209,927 7.6 -1.2
East of England £310,639 7.5 0.7
London £501,320 5.3 0.1
North East £138,151 8.5 -1.3
North West £184,234 12.0 0.7
South East £342,420 6.4 0.1
South West £274,648 6.7 -1.8
West Midlands £210,454 4.7 -2.3
Yorkshire and the Humber £179,248 8.9 -1.4

Repossession sales by volume for England

  • The lowest number of repossession sales in November 2020 was in the East of England.
  • The highest number of repossession sales in November 2020 was in the North West.
Repossession sales November 2020
East Midlands 17
East of England 11
London 28
North East 41
North West 54
South East 30
South West 17
West Midlands 16
Yorkshire and the Humber 33
England 247

Average price by property type for England

Property type January 2021 January 2020 Difference %
Detached £409,290 £376,422 8.7
Semi-detached £255,015 £233,645 9.1
Terraced £217,520 £200,819 8.3
Flat/maisonette £228,471 £223,969 2.0
All £266,532 £247,898 7.5

Funding and buyer status for England

Transaction type Average price January 2021 Annual price change % since January 2020 Monthly price change % since December 2020
Cash £250,160 7.5 -0.9
Mortgage £274,742 7.5 -0.5
First-time buyer £221,743 6.7 -0.8
Former owner occupier £304,982 8.3 -0.3

Building status for England

Building status* Average price November 2020 Annual price change % since November 2019 Monthly price change % since October 2020
New build £320,918 9.1 -0.7
Existing resold property £261,924 6.8 1.4

*Figures for the two 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 0.1% since December 2020. An annual price rise of 5.3% takes the average property value to £501,320.

Average price by property type for London

Property type January 2021 January 2020 Difference %
Detached £978,289 £892,166 9.7
Semi-detached £640,224 £580,151 10.4
Terraced £545,947 £498,319 9.6
Flat/maisonette £422,557 £416,550 1.4
All £501,320 £475,948 5.3

Funding and buyer status for London

Transaction type Average price January 2021 Annual price change % since January 2020 Monthly price change % since December 2020
Cash £517,686 3.7 -0.2
Mortgage £495,701 5.7 0.2
First-time buyer £433,631 4.2 -0.3
Former owner occupier £574,587 6.9 0.7

Building status for London

Building status* Average price November 2020 Annual price change % since November 2019 Monthly price change % since October 2020
New build £499,386 7.8 -0.2
Existing resold property £502,829 6.9 2.2

*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 fallen by 1.9% since December 2020. An annual price rise of 9.6% takes the average property value to £178,907.

There were 24 repossession sales for Wales in November 2020.

Average price by property type for Wales

Property type January 2021 January 2020 Difference %
Detached £274,858 £246,545 11.5
Semi-detached £175,235 £158,726 10.4
Terraced £136,474 £125,708 8.6
Flat/maisonette £119,527 £114,648 4.3
All £178,907 £163,205 9.6

Funding and buyer status for Wales

Transaction type Average price January 2021 Annual price change % since January 2020 Monthly price change %since December 2020
Cash £174,027 10.3 -2.0
Mortgage £181,854 9.3 -1.8
First-time buyer £153,083 8.7 -2.5
Former owner occupier £209,604 10.7 -1.2

Building status for Wales

Building status* Average price November 2020 Annual price change % since November 2019 Monthly price change % since October 2020
New build £231,907 7.8 -0.6
Existing resold property £176,674 6.6 1.6

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

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