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In England the September data shows, on average, house prices have risen by 1.6% since August 2020. The annual price rise of 4.9% takes the average property value to £261,795.

The regional data for England indicates that the:

  • South West experienced the greatest monthly price rise, up by 3.3%
  • East Midlands saw the lowest monthly price growth, with a movement of 0.5%
  • South West experienced the greatest annual price rise, up by 6.4%
  • North East saw the lowest annual price growth, with a rise of 3.3%

Price change by region for England

Mortgages for Business – MPU
Region Average price September 2020 Annual change % since September 2019 Monthly change % since August 2020
East Midlands £204,581 5.0 0.5
East of England £305,764 4.8 2.6
London £496,485 4.1 0.8
North East £136,262 3.3 2.8
North West £176,976 6.0 1.2
South East £336,763 4.0 1.4
South West £275,376 6.4 3.3
West Midlands £208,497 4.0 1.3
Yorkshire and the Humber £174,450 5.4 1.2

Repossession sales by volume for England

The lowest number of repossession sales in July 2020 was in the East of England.

The highest number of repossession sales in July 2020 was in the North West.

Repossession sales July 2020
East Midlands 30
East of England 8
London 39
North East 53
North West 95
South East 60
South West 24
West Midlands 47
Yorkshire and the Humber 57
England 413

Average price by property type for England

Property type September 2020 September 2019 Difference %
Detached £403,358 £378,114 6.7
Semi-detached £245,523 £233,332 5.2
Terraced £213,089 £203,148 4.9
Flat/maisonette £231,842 £227,640 1.8
All £261,795 £249,637 4.9

Funding and buyer status for England

Transaction type Average price September 2020 Annual price change % since September 2019 Monthly price change % since August 2020
Cash £245,962 4.6 1.9
Mortgage £269,754 5.0 1.5
First-time buyer £218,278 4.2 1.6
Former owner occupier £298,919 5.6 1.7

Building status for England

Building status* Average price July 2020 Annual price change % since July 2019 Monthly price change % since June 2020
New build £305,988 -2.0 0.3
Existing resold property £250,730 2.7 0.9

*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 0.8% since August 2020. An annual price rise of 4.1% takes the average property value to £496,485.

Average price by property type for London

Property type September 2020 September 2019 Difference %
Detached £955,563 £901,921 5.9
Semi-detached £611,383 £578,597 5.7
Terraced £530,405 £498,570 6.4
Flat/maisonette £427,689 £418,324 2.2
All £496,485 £477,146 4.1

Funding and buyer status for London

Transaction type Average price September 2020 Annual price change % since September 2019 Monthly price change % since August 2020
Cash £514,700 3.2 0.4
Mortgage £490,460 4.3 1.0
First-time buyer £431,438 3.3 1.0
Former owner occupier £565,418 5.1 0.7

Building status for London

Building status* Average price July 2020 Annual price change % since July 2019 Monthly price change % since June 2020
New build £482,421 -3.8 1.0
Existing resold property £487,132 2.2 1.1

*Figures for the two 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 1.9% since August 2020. An annual price rise of 3.8% takes the average property value to £170,604.

There were 39 repossession sales for Wales in July 2020.

Average price by property type for Wales

Property type September 2020 September 2019 Difference %
Detached £258,786 £248,638 4.1
Semi-detached £164,721 £158,429 4.0
Terraced £133,027 £127,641 4.2
Flat/maisonette £115,073 £115,173 -0.1
All £170,604 £164,414 3.8

Funding and buyer status for Wales

Transaction type Average price September 2020 Annual price change % since September 2019 Monthly price change % since August 2020
Cash £165,032 3.1 -2.3
Mortgage £173,877 4.1 -1.7
First-time buyer £147,273 3.7 -1.8
Former owner occupier £197,815 3.8 -2.0

Building status for Wales

Building status* Average price July 2020 Annual price change % since July 2019 Monthly price change % since June 2020
New build £219,365 -1.5 0.6
Existing resold property £166,101 3.2 0.7

*Figures for the two 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.

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 September 2020 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of coronavirus (COVID-19) took hold.

UK house prices

UK house prices increased by 4.7% in the year to September 2020, up from 3.0% in August 2020. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.7% between August 2020 and September 2020, compared with a rise of 0.1% during the same period a year earlier (August 2019 and September 2019).

The UK Property Transactions Statistics showed that in September 2020, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 98,010. This is 0.7% lower than a year ago. Between August 2020 and September 2020, UK transactions increased by 21.3% on a seasonally adjusted basis.

House price growth was strongest in England where prices increased by 4.9% in the year to September 2020. The highest annual growth within the English regions was in the South West where average house prices grew by 6.4%. The lowest annual growth was in the North East, where prices increased by 3.3% in the year to September 2020.

See the economic statement.

Director of Benham and Reeves, Marc von Grundherr, commented:

“The property market continues to fire on all cylinders with positive movement across the board in all but one region on a monthly basis and a clean sweep where annual price appreciation is concerned. While the current stamp duty holiday has caused huge backlogs of sales waiting to complete, there’s no doubt that it has contributed a considerable level of fuel to the furnace.”

“Despite these backlogs, the fires of market activity should continue to burn bright and this will help carry the market through the traditionally quieter winter period.”

“London, in particular, seems to have turned a corner, fuelled by international demand ahead of April’s stamp duty surcharge for foreign buyers. This confidence in the capital’s market makes for positive reading and a weaker pound has seen a huge influx of activity which is starting to translate to positive top-line price growth.”

Managing Director of Barrows and Forrester, James Forrester, commented:

“High levels of homebuyer demand continue to grease the cogs of the UK housing market and this continued price growth is being primarily driven by second and third rung buyers looking for larger homes in the wake of lockdown restrictions.”

“A second national lockdown will only intensify this trend and as a result price growth should remain stable in the mid-term at the very least. Hopes of a vaccine will also breath new life into the market with any chance of a downturn looking slim at present. However, the end of the stamp duty holiday and the furlough scheme could still pose a danger with many predicting the market could fall off a cliff as demand dries up.”

“That said, the current hopper of property transactions is overflowing with deals waiting to be done and this momentum should carry the market through any wider economic potholes that may arise over the next year. We expect the more affordable regional frontrunners to continue to lead the way both where transaction levels and house price growth are concerned.”

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