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The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
Image credit: gary718/Shutterstock.com
In the past 12 months all those involved in the property market have been affected by coronavirus (COVID-19); HM Land Registry is no different and, as a result, this release of the UK House Price Index is not as complete as it could be.
The data is accurate. However, this release may be subject to increased revisions as we add more data over the coming months. See Reducing delays for more information.
The January data shows:
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:
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.
*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 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.
*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 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.
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
Our absolute top priority is to reduce any delays, both those caused by the pandemic and those existing beforehand. To simultaneously deliver our services while promoting public health, we are:
We’ve changed the way we publish the Northern Ireland sales volumes and corrected the way we include them in the UK figures. We’ve produced a monthly estimate by dividing the total sales volumes for the quarter in Northern Ireland by 3.
We previously included the quarterly Northern Ireland data in the monthly UK sales volumes data, which resulted in higher than expected sales figures.
Access 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 January 2021 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 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.
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