By - 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.
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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