In the previous 18 months, we have seen some significant changes in the UK property market with house prices accelerating at an exceptionally high rate. The average house price in the UK now stands at £270,000.
Of course, there are many factors which contribute to the value of a house. But how much might your house be worth in the current UK property market? In this article we take a closer look at figures around house price growth in the UK, including by country and region.
In the latter half of 2020, we saw the UK’s average house price growth accelerating. This trend continued into 2021 and accelerated sharply in June which was in line with the extension to the holidays on taxes paid on property purchases in England, Wales and Northern Ireland. July saw a slight decrease in growth before a sharp acceleration in September.
Figures released in September from the Office for National Statistics revealed that house prices increased by 11.8% over the year to September 2021, which is up from 10.2% in August. The average UK house price was at a record high of £270,000 in September, a significant increase of £28,000 on last year.
On a non-seasonally adjusted basis, average house prices in the UK increased by 2.5% between August and September of 2021. Over the same time period in 2020, there was an increase of 1.1%. On a seasonally adjusted basis, average house prices in the UK increased by 2.6% between August and September of 2021, following a 3.5% increase in the previous month.
The country in the UK with the highest increase in average house prices was Wales, which saw an increase of 15.4% year on year in September. Average house prices in Wales are now at a record level of £196,000.
In Scotland, the average house price now stands at £180,000, which is an increase of 12.3% year on year in September.
House prices in England remain the highest in the UK. The average house price in England is £288,000, which is an increase of 11.5% year on year in September.
Northern Ireland still remains the cheapest country in the UK to buy property, with average house prices of £159,000. This still represents a 10.7% in average house prices year on year in September.
The North West saw the highest annual house price growth year on year in September, with average house prices increasing by 16.8%. This was followed by the East Midlands, with a 14.7% increase.
Unsurprisingly, London remains the most expensive region to buy property with an average house price of £507,000 in September 2021. However, London is the region with the lowest annual growth in house prices with just a 2.8% increase year on year.
The North-East is still the region with the lowest average house price, at £153,000. However, the North-East is the region with the third highest annual house price growth in England at 13.3%.
House Price Growth Sees Significant Acceleration
In the latter half of 2020, we saw the UK’s average house price growth accelerating. This trend continued into 2021 and accelerated sharply in June which was in line with the extension to the holidays on taxes paid on property purchases in England, Wales and Northern Ireland. July saw a slight decrease in growth before a sharp acceleration in September.
Figures released in September from the Office for National Statistics revealed that house prices increased by 11.8% over the year to September 2021, which is up from 10.2% in August. The average UK house price was at a record high of £270,000 in September, a significant increase of £28,000 on last year.
On a non-seasonally adjusted basis, average house prices in the UK increased by 2.5% between August and September of 2021. Over the same time period in 2020, there was an increase of 1.1%. On a seasonally adjusted basis, average house prices in the UK increased by 2.6% between August and September of 2021, following a 3.5% increase in the previous month.
Average House Prices in the UK by Country
The country in the UK with the highest increase in average house prices was Wales, which saw an increase of 15.4% year on year in September. Average house prices in Wales are now at a record level of £196,000.
In Scotland, the average house price now stands at £180,000, which is an increase of 12.3% year on year in September.
House prices in England remain the highest in the UK. The average house price in England is £288,000, which is an increase of 11.5% year on year in September.
Northern Ireland still remains the cheapest country in the UK to buy property, with average house prices of £159,000. This still represents a 10.7% in average house prices year on year in September.
Average House Prices by Region in England
The North West saw the highest annual house price growth year on year in September, with average house prices increasing by 16.8%. This was followed by the East Midlands, with a 14.7% increase.
Unsurprisingly, London remains the most expensive region to buy property with an average house price of £507,000 in September 2021. However, London is the region with the lowest annual growth in house prices with just a 2.8% increase year on year.
The North-East is still the region with the lowest average house price, at £153,000. However, the North-East is the region with the third highest annual house price growth in England at 13.3%.
