Our monthly Property Surveying summary of property market news, survey data, statistics, trends and information. (All figures below are the most recently available data.)
Data source: Land Registry
UK average house price = £249,309, -0.5% change in the month, 7.5% up in the year. Monthly index (where January 2015 = 100) 130.8
The region with the strongest house price growth was the North West of England at 12.0% in the twelve months to January 2021. Lowest was the West Midlands, at 4.7%.
House prices are continuing to rise but the Royal Institution of Chartered Surveyors reported that enquiries, sales and new instructions had all fallen for the first time since May 2020.
The number of property transactions was 24.1% higher than a year ago.
UK average house price = £251,697, down -0.1% in the month, up 0.5% up in the quarter, up 5.2% in the year. Monthly index (where January 1992 = 100) 434.0
The housing market has been steady since the start of the year with house prices ‘comfortably higher’ than a year ago. The Halifax welcomes the new Mortgage Guarantee Scheme which should help first time buyers get on the housing ladder. Long term, uncertainties in the economy and vaccination roll out may affect the housing market, but the level of house price growth over the last year is not expected to continue.
National average house asking price = £321,064, up 0.8% in the month and 2.7% in the year.
There are a record number of buyer enquiries and nearly two third of properties on estate agents’ books are sale agreed. Sales in first week of March were 12% higher than 2020. The excess of buyer demand over housing supply is already at a ten year high as the market approaches its busiest time of year.
UK average house price = £231,068, 0.7% change in the month and 6.9% increase in the year.
The increase in house prices is surprising, having previously been expected to soften ahead of the end of the stamp duty holiday. People’s housing needs have altered since the beginning of the pandemic, which is boosting the housing market. Many people are now able to work more from home and are opting to move to less populated areas and larger properties.
The housing market is now unusually uncertain but likely to slow in the coming months, particularly if employment levels continue to weaken.
Average England and Wales house price = £333,331, 1.1% change in the month, 8.6% in the year.
House price increases have been seen in all regions other than some areas of central London, with the South West seeing a record increase of 15% over the last three months.
The stamp duty holiday extension has helped stoke the market but is less likely to further stimulate house prices than help completions take place. The wider economy will dictate how the housing market reacts in the longer term.
HM Land Registry has issued partial releases of market data since April 2020, due to the impact of the COVID-19 pandemic on its operations. Datasets are available.
REGIONAL HOUSE PRICES
UK HPI Regional figures
(all percentages are positive unless indicated otherwise)
| January 2021 | Average price GBP | % monthly change | % annual change |
| England | £266,532 | -0.6% | 7.5% |
| Northern Ireland (Quarter 4 – 2020) | £147,593 | 3.0% | 5.3% |
| Scotland | £164,099 | 1.0% | 6.9% |
| Wales | £178,907 | -1.9% | 9.6% |
| East Midlands | £209,927 | -1.2% | 7.6% |
| East of England | £310,639 | 0.7% | 7.5% |
| London | £501,320 | 0.1% | 5.3% |
| North East | £138,151 | -1.3% | 8.5% |
| North West | £184,234 | 0.7% | 12.0% |
| South East | £342,420 | 0.1% | 6.4% |
| South West | £274,648 | -1.8% | 6.7% |
| West Midlands Region | £210,454 | -2.3% | 4.7% |
| Yorkshire and The Humber | £179,248 | -1.4% | 8.9% |
UK HPI Average monthly price by property type
| Property type | January 2021 | January 2020 | Difference |
| Detached | £382,964 | £352,477 | 8.6% |
| Semi-detached | £241,084 | £221,106 | 9.0% |
| Terraced | £203,170 | £187,760 | 8.2% |
| Flat or maisonette | £208,960 | £203,628 | 2.6% |
| All | £249,309 | £231,940 | 7.6% |
Rightmove regional figures
| March 2021 | Average price GBP | Monthly change | Annual change |
| London | £624,975 | 0.5% | -2.2% |
| South East | £421,032 | 1.6% | 3.0% |
| South West | £323,225 | 1.5% | 3.2% |
| East of England | £371,366 | 2.0% | 4.1% |
| West Midlands | £242,480 | 0.7% | 4.0% |
| East Midlands | £242,820 | 2.7% | 5.2% |
| North West | £214,215 | -0.6% | 6.5% |
| Wales | £215,163 | 1.3% | 8.0% |
| Yorkshire & Humberside | £205,383 | 1.3% | 4.8% |
| North East | £159,607 | 0.1% | 3.8% |
Nationwide regional figures
| Q4: 3 months to December 2020 | Average House Price (£) GBP | Annual % change (this quarter) | Annual % change (previous quarter) |
| N Ireland | £149,382 | 5.9% | 1.5% |
| North West | £176,925 | 8.0% | 3.0% |
| East Midlands | £200,951 | 8.6% | 4.0% |
| West Midlands | £207,603 | 7.5% | 3.1% |
| Scotland | £156,768 | 3.2% | 2.0% |
| Yorkshire & Humber | £172,326 | 7.7% | 4.6% |
| East Anglia | £242,804 | 6.4% | 2.7% |
| Wales | £169,846 | 6.6% | 3.8% |
| North | £137,531 | 6.5% | 4.2% |
| South West | £264.512 | 6.6% | 5.5% |
| Outer South East | £296,291 | 8.0% | 4.8% |
| Outer Met | £377,677 | 5.6% | 5.0% |
| London | £486,562 | 6.2% | 4.4% |
| UK | £229,819 | 6.4% | 3.5% |
LSL Acadata Regional Data
| January 2021 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £639,459 | 0.9% | 2.4% |
| South East | £414,144 | 0.8% | 8.0% |
| South West | £335,842 | 1.4% | 15.3% |
| East of England | £256,230 | 0.7% | 6.8% |
| West Midlands | £257,413 | 1.0% | 10.0% |
| East Midlands | £241,381 | 1.4% | 11.2% |
| North West | £221,189 | 1.2% | 11.5% |
| Wales | £213,479 | 0.9% | 9.7% |
| Yorkshire & Humber | £220,438 | 0.8% | 9.6% |
| North East | £181,340 | 0.7% | 8.6% |
Focus on London
Best and Worst (-) annual performers according to:
| Rightmove March 2021 |
Average Price (£) GBP | Monthly change | Annual change |
| Croydon | £451,515 | 0.5% | 5.7% |
| Barking and Dagenham | £329,934 | 1.1% | 5.0% |
| Camden | £946,324 | 0.3% | -8.0% |
| Westminster | £1,272,309 | -3.6% | -14.9% |
| LCL Acadata January 2021 |
Average Price (£) GBP | Monthly change | Annual change |
| Merton | £759,810 | 3.4% | 24.1% |
| Redbridge | £506,442 | 1.1% | 13.5% |
| Hackney | £654,421 | 0.5% | -18.7% |
| City of Westminster | £1,265,638 | 2.1% | -36.9% |
RICS Survey Overview
The RICS Residential Market Survey for February 2021 reported that lockdown conditions seem to have deterred new sellers from putting their homes on the market, although sales are expected to increase in the coming months. This is despite 75% of those surveyed having already completed their survey prior to the government’s announcement of a stamp duty holiday extension.
All regions are expected to experience house price increases over the coming year.
Tenant demand is strong although landlord instructions had fallen. Rental growth is expected at around 2% nationally over the next year, although confidence is less strong in London.
Rightmove.co.uk is the UKs leading property website, displaying details of homes for sale or rent to the largest online audience. It is consistently ranked the number one property website in the UK (source: Experian Hitwise). It has around 90% of all properties for sale and at any time displays a stock of over one million properties to buy or rent, worth around £270 billion. The Rightmove.co.uk site attracts over 130 million visits from home movers each month with time on site averaging over one billion minutes per month (Rightmove data, 2017).
LSL Acad E&W HPI is derived from Land Registry (LR) house price data, seasonally and mix adjusted by property type. © Crown copyright material reproduced with the permission of Land Registry. The prices are smoothed to show underlying trends. LSL Acad E&W HPI includes cash purchase prices and is the only index based upon the complete, factual house price data for England & Wales, as opposed to a sample.
UK HPI: Monthly house price inflation, calculated using data from Land Registry, Registers of Scotland and Land and Property Services Northern Ireland. This replaces the previous House Price Indices separately published by Office of National Statistics and Land Registry.
All figures within this article are correct at the time of going to press, and are reproduced in good faith. No responsibility will be taken for any decisions taken based on the information contained herein. Always seek professional advice.
The Monthly Market Fact File will be updated next month.
SH/LCB