By UK house prices increased by 10% in the year to November 2021, up from 9.8% in October 2021.
On a non-seasonally adjusted basis, average house prices in the UK increased by 1.2% between October and November 2021, compared with an increase of 1% during the same period a year earlier (October and November 2020).
The UK Property Transactions Statistics showed that in November 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 96,290.
This is 16.4% lower than a year ago.
Between October and November 2021, UK transactions increased by 24.3% on a seasonally adjusted basis, following a large increase in the month prior.
House price growth was strongest in Wales where prices increased by 12.1% in the year to November 2021.
The lowest annual growth was in London, where prices increased by 5.1% in the year to November 2021.
England
In England the November data shows, on average, house prices have risen by 1.4% since October 2021. The annual price rise of 9.8% takes the average property value to £288,130.
The regional data for England indicates that:
- the South West experienced the greatest monthly rise with a movement of 2.5%
- London saw the lowest monthly price growth, with a rise of 0.2%
- the South West experienced the greatest annual price rise, up by 12.9%
- London saw the lowest annual price growth, with a rise of 5.1%
Price change by region for England
| Region | Average price November 2021 | Annual change % since November 2020 | Monthly change % since October 2021 |
|---|---|---|---|
| East Midlands | £229,277 | 10.7 | 0.4 |
| East of England | £336,937 | 12.3 | 2.1 |
| London | £519,934 | 5.1 | 0.2 |
| North East | £149,249 | 8.7 | 1.8 |
| North West | £197,797 | 10.8 | 2.3 |
| South East | £369,093 | 9.6 | 0.5 |
| South West | £308,497 | 12.9 | 2.5 |
| West Midlands | £230,888 | 9.8 | 1.9 |
| Yorkshire and the Humber | £191,036 | 7.2 | 1.0 |
Repossession sales by volume for England
The lowest number of repossession sales in September 2021 was in the East of England.
The highest number of repossession sales in September 2021 was in the South West and Yorkshire and the Humber.
| Repossession sales | September 2021 |
|---|---|
| East Midlands | 2 |
| East of England | 0 |
| London | 4 |
| North East | 6 |
| North West | 4 |
| South East | 6 |
| South West | 8 |
| West Midlands | 5 |
| Yorkshire and the Humber | 8 |
| England | 43 |
Average price by property type for England
| Property type | November 2021 | November 2020 | Difference % |
|---|---|---|---|
| Detached | £456,259 | £401,047 | 13.8 |
| Semi-detached | £275,589 | £247,478 | 11.4 |
| Terraced | £231,266 | £214,943 | 7.6 |
| Flat/maisonette | £242,291 | £230,585 | 5.1 |
| All | £288,130 | £262,409 | 9.8 |
Funding and buyer status for England
| Transaction type | Average price November 2021 | Annual price change % since November 2020 | Monthly price change % since October 2021 |
|---|---|---|---|
| Cash | £269,693 | 9.2 | 1.2 |
| Mortgage | £297,291 | 10 | 1.4 |
| First-time buyer | £238,533 | 8.9 | 1.5 |
| Former owner occupier | £331,286 | 10.7 | 1.2 |
Building status for England
| Building status* | Average price September 2021 | Annual price change % since September 2020 | Monthly price change % since August 2021 |
|---|---|---|---|
| New build | £384,560 | 21.8 | 3.4 |
| Existing resold property | £283,799 | 11.4 | 3.9 |
London
London shows, on average, house prices have risen by 0.2% since October 2021. An annual price rise of 5.1% takes the average property value to £519,934.
Average price by property type for London
| Property type | November 2021 | November 2020 | Difference % |
|---|---|---|---|
| Detached | £1,044,251 | £959,523 | 8.8 |
| Semi-detached | £661,506 | £616,305 | 7.3 |
| Terraced | £553,035 | £531,341 | 4.1 |
| Flat/maisonette | £442,689 | £422,998 | 4.7 |
| All | £519,934 | £494,552 | 5.1 |
Funding and buyer status for London
| Transaction type | Average price November 2021 | Annual price change % since November 2020 | Monthly price change % since October 2021 |
|---|---|---|---|
| Cash | £543,208 | 5.9 | 0.0 |
| Mortgage | £512,775 | 5.0 | 0.2 |
| First-time buyer | £449,235 | 4.6 | 0.5 |
| Former owner occupier | £596,815 | 5.8 | -0.3 |
Building status for London
| Building status* | Average price September 2021 | Annual price change % since September 2020 | Monthly price change % since August 2021 |
|---|---|---|---|
| New build | £545,757 | 9.6 | -2.3 |
| Existing resold property | £506,469 | 2.4 | -2.6 |
Wales
Wales shows, on average, house prices have fallen by 0.7% since October 2021. An annual price rise of 12.1% takes the average property value to £199,877.
There were 2 repossession sales for Wales in September 2021.
Average price by property type for Wales
| Property type | November 2021 | November 2020 | Difference % |
|---|---|---|---|
| Detached | £311,760 | £270,343 | 15.3 |
| Semi-detached | £194,988 | £172,147 | 13.3 |
| Terraced | £152,303 | £139,077 | 9.5 |
| Flat/maisonette | £128,186 | £119,895 | 6.9 |
| All | £199,877 | £178,255 | 12.1 |
Funding and buyer status for Wales
| Transaction type | Average price November 2021 | Annual price change % since November 2020 | Monthly price change % since October 2021 |
|---|---|---|---|
| Cash | £194,184 | 11.8 | -0.4 |
| Mortgage | £203,275 | 12.3 | -0.8 |
| First-time buyer | £171,300 | 11.5 | -0.7 |
| Former owner occupier | £233,710 | 12.9 | -0.8 |
Building status for Wales
| Building status* | Average price September 2021 | Annual price change % since September 2020 | Monthly price change % since August 2021 |
|---|---|---|---|
| New build | £286,569 | 29.4 | 3.7 |
| Existing resold property | £195,429 | 17.0 | 3.7 |
Managing Director of Barrows and Forrester, James Forrester, commented:
“Any fears that the end of the stamp duty holiday would bring about a decline in house price growth can now be well and truly put to bed.
Not only has the market maintained momentum, but it’s continued to shift through the gears during what is usually a quieter period in the year.
Expect more of the same in 2022, as demand remains robust, stock remains scarce and the cost of borrowing remains very affordable.”
Director of Benham and Reeves, Marc von Grundherr, commented:
“It’s extremely reassuring to see such a sustained run of positive price growth and while the government stimulus of a stamp duty reprieve helped to kick start this pandemic property market defiance, it’s now abundantly clear that the sector is standing tall on its own two feet.
A slight slow in pace is inevitably on the cards as the industry took a well earned break during the Christmas period, but we’ve seen strong signs already this year that this market momentum has carried on where it left off in 2021.”
Director of Henry Dannell, Geoff Garrett, commented:
“Despite an increase in interest rates, the cost of borrowing remains very favourable for the nation’s homebuyers and we’re yet to see this appetite dampened by the marginal jump introduced by the Bank of England towards the end of last year.
In fact, it’s those purchasing with the help of a mortgage who are driving the hefty rates of house price growth currently being seen, as many borrow that little bit extra to buy bigger in the wake of pandemic lockdown restrictions.
Not only is the average rate of growth higher for mortgage buyers versus cash buyers, but detached homes continue to lead the pack where house price growth by property type is concerned.”
Bective’s Head of Sales, Craig Tonkin, commented:
“While London is still lagging behind where top line price appreciation is concerned, we’ve seen a healthy level of activity return to the capital over the last year and this looks set to continue in 2022 with foreign demand expected to drive an uplift in transactions and sold prices.
Of course, the pandemic influence of the last 18 months remains clear with many buyers across the core market looking to the likes of Wandsworth due to the greater abundance of larger family homes.
However, at the very top price thresholds of the market, the prime central heartlands of Kensington and Chelsea and Westminster remain some of the most active areas.”
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