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 = £270,708, 1.2% change in the month, 10.0% up in the year. Monthly index (where January 2015 = 100) 142.0
House price growth in Wales was the strongest at 12.1% in the year to November 2021. London’s house price growth was the lowest at 5.1%.
UK average house price = £276,091, 1.1% in the month, 3.5% up in the quarter, 9.8% in the year. Monthly index (where January 1992 = 100) 476.1
The UK’s house prices reached a new record high in December, at £276,091. On average, house prices increased by more than £24,500 over the last year – the biggest annual increase since March 2003.
Forecast interest rate increases, higher inflation and other household budget pressures mean that house price growth in 2022 is expected to slow down.
National average house asking price = £341,019, 0.3% in the month and 7.6% in the year.
There are 15% more buyers enquiring about homes than the same period last year, but the average number of properties on estate agents books has dropped to a new record low of just 12 homes. This has created double the competition for property as last year, but there an increase in valuations is a possible indicator that more property will coming on to the market.
UK average house price = £254,822, 1.0% change in the month and 10.4% increase in the year
House price growth in the year to November 2021 was the strongest strongest since 2006. The average house price rise was £23,902 over the year and are 16% higher than before to the pandemic.
Wales is the top performing region in terms of house price growth, at 15.8% year on year. It is the first time since Nationwide’s regional series began in 1973 that Wales has reached the top. The South West was the highest performing English region, with annual house price growth at 11.5%.
Affordability is becoming more of an issue in London, the South East and South West, than the remainder of the country.
Average England and Wales house price = £349,234, 1.7% change in the month, 6.0% in the year.
The number of residential property transactions over £40,000 was 76,930 in October 2021 – down 28.2% on October 2020 and 52% lower than September 2021.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
|November 2021||Average Price||% Monthly change||% Annual change|
|Northern Ireland (Quarter 3 – 2021)||£159,109||3.0%||10.7%|
|East of England||£336,937||2.1%||12.3%|
|Yorkshire and The Humber||£191,036||1.0%||7.2%|
UK HPI Average monthly price by property type
|Property type||November 2021||November 2020||Difference|
|Flat or maisonette||£223,078||£211,188||5.6%|
Halifax regional figures
|Region (Quarter 3 2021)||Average Price||Annual % change
|Annual % change
|Yorkshire and The Humber||£188,457||12.3%||13.0%|
|Outer South East||£320,050||9.8%||10.9%|
Rightmove regional figures
|January 2021||Average price GBP||Monthly change||Annual change|
|East of England||£396,135||-0.1%||8.4%|
|Yorkshire & Humberside||£214,988||-2.2%||6.1%|
LSL Acadata Regional Data
|November 2021||Average House Price £ GBP||Monthly % change||Annual % Change Greater|
|East of England||£376,647||0.6%||6.0%|
|Yorkshire & Humber||£220,186||-0.4%||1.9%|
Focus on London
Best and Worst (-) annual performers according to:
|Average Price (£) GBP||Monthly change||Annual change|
|Average Price (£) GBP||Monthly change||Annual change|
|Richmond upon Thames||£1,020,009||3.0%||15.1%|
RICS Survey Overview
The RICS Residential Market Survey for December 2021 reported a modest rise in new buyer enquiries. New property listings are slowing, and house price inflation currently shows little sign of easing in the year ahead.
The lettings market is seeing strong demand from tenants and rental growth is expected to continue to grow across all regions in the next year.
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 ofÂ 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 is updated monthly on the day of publication.