The February data shows:
- on average, house prices have risen 0.4% since January 2024
- there has been an annual price fall of -0.2% which makes the average property in the UK valued at £281,000
England
In England the February data shows, on average, house prices have risen by 0.6 since January 2024. The annual price fall of -1.1% takes the average property value to £298,000.
The regional data for England indicates that:
- the North East experienced the most significant monthly increase with a movement of 2.9%
- the North East saw the greatest monthly price growth, with a rise of 3.2%
- the North West experienced the greatest annual price rise, up by 1%
- London saw the lowest annual price growth, with a fall of -4.8%
Price change by region for England
| Region | Average price Feb 2024 | Annual change % since Feb 2023 | Monthly change % since Jan 2023 |
|---|---|---|---|
| East Midlands | £242,000 | -0.4 | 1.4 |
| East of England | £339,000 | -1.6 | 1.7 |
| London | £503,000 | -4.8 | -0.7 |
| North East | £160,000 | 2.9 | 3.2 |
| North West | £214,000 | 1.4 | -0.2 |
| South East | £373,000 | -2.1 | 1.1 |
| South West | £317,000 | -0.4 | 0.5 |
| West Midlands | £242,000 | -2.9 | -1.2 |
| Yorkshire and the Humber | £205,000 | 0.2 | 0.9 |
Repossession sales by volume for England
The lowest number of repossession sales in Dec 2023 was in the East of England.
The highest number of repossession sales in Dec 2023 was in the London and North West.
| Repossession sales | Dec 2023 |
|---|---|
| East Midlands | 4 |
| East of England | 2 |
| London | 9 |
| North East | 13 |
| North West | 16 |
| South East | 8 |
| South West | 0 |
| West Midlands | 8 |
| Yorkshire and the Humber | 6 |
| England | 66 |
Average price by property type for England
| Property type | Feb 2024 | Feb 2023 | Difference % |
|---|---|---|---|
| Detached | £460,000 | £463,000 | -0.5 |
| Semi-detached | £288,000 | £288,000 | 0.2 |
| Terraced | £244,000 | £248,000 | -1.7 |
| Flat/maisonette | £246,000 | £253,000 | -2.8 |
| All | £298,000 | £301,000 | -1.1 |
Funding and buyer status for England
| Transaction type | Average price Feb 2024 | Annual price change % since Feb 2023 | Monthly price change % since Jan 2024 |
|---|---|---|---|
| Cash | £279,000 | -1.3 | 0.4 |
| Mortgage | £307,000 | -1 | 0.7 |
| First-time buyer | £249,000 | -1 | 0.9 |
| Former owner occupier | £339,000 | -1.2 | 0.3 |
Building status for England
| Building status* | Average price Dec 2023 | Annual price change % since Dec 2022 | Monthly price change % since Nov 2023 |
|---|---|---|---|
| New build | £406,000 | 16 | -1.3 |
| Existing resold property | £295,000 | -3 | -0.5 |
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
London
London shows, on average, house prices fell by 0.7% since December 2023. An annual price fall of -4.8% takes the average property value to £503,000.
Average price by property type for London
| Property type | Feb 2024 | Feb 2023 | Difference % |
|---|---|---|---|
| Detached | £1,010,000 | £1,065,000 | -5.2 |
| Semi-detached | £660,000 | £683,000 | -3.4 |
| Terraced | £544,000 | £573,000 | -5.1 |
| Flat/maisonette | £418,000 | £440,000 | -4.9 |
| All | £503,000 | £538,000 | -4.8 |
Funding and buyer status for London
| Transaction type | Average price Feb 2024 | Annual price change % since Feb 2023 | Monthly price change % since Jan 2024 |
|---|---|---|---|
| Cash | £515,000 | -5.9 | -0.7 |
| Mortgage | £498,000 | -4.5 | -0.7 |
| First-time buyer | £435,000 | -4.5 | -0.4 |
| Former owner occupier | £575,000 | -5.2 | -1.2 |
Building status for London
| Building status* | Average price Dec 2023 | Annual price change % since Dec 2022 | Monthly price change % since Nov 2023 |
|---|---|---|---|
| New build | £557,000 | 11.6 | -0.7 |
| Existing resold property | £516,000 | -4.2 | 0.1 |
*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
Wales shows, on average, house prices rose by 0.4% since January 2024. An annual price fall of 1.2% takes the average property value to £211,000.
There were 7 repossession sales for Wales in December 2023.
Average price by property type for Wales
| Property type | Feb 2024 | Feb 2023 | Difference % |
|---|---|---|---|
| Detached | £319,000 | £321,000 | -0.6 |
| Semi-detached | £206,000 | £207,000 | -0.4 |
| Terraced | £164,000 | £168,000 | -2.5 |
| Flat/maisonette | £137,000 | £139,000 | -1.1 |
| All | £211,000 | £213,000 | -1.2 |
Funding and buyer status for Wales
| Transaction type | Average price Feb 2024 | Annual price change % since Feb 2023 | Monthly price change % since Jan 2024 |
|---|---|---|---|
| Cash | £205,000 | -0.9 | 0.6 |
| Mortgage | £214,000 | -1.4 | 0.3 |
| First-time buyer | £182,000 | -1.3 | 0.4 |
| Former owner occupier | £244,000 | -1.2 | 0.4 |
Building status for Wales
| Building status* | Average price Dec 2023 | Annual price change % since Dec 2022 | Monthly price change % since Nov 2023 |
|---|---|---|---|
| New build | £315,000 | 17.6 | 0.7 |
| Existing resold property | £210,000 | -2.9 | 0 |
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
UK house prices
UK house prices fell by 0.2% in the year to February 2024, up from a decrease of 1.3% in the 12 months to January 2024. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.4% between January 2024 and February 2024, compared with a decrease of 0.7% during the same period a year earlier (January and February 2023).
The UK Property Transactions Statistics showed that in February 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 82,940. This is 6.% lower than a year ago (February 2023). Between January 2023 and February 2023, UK transactions increased by 1% on a seasonally adjusted basis.
House price monthly increase was highest in the North East where prices increased by 3.2% in the year to February 2024. The highest annual growth was in the North West, where prices increased by 2.9% in the year to February 2024.
See the economic statement.
The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month's set of house price data.
Background
- We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the March 2024 UK HPI at 9:30am on Wednesday 22 May 2024 See calendar of release dates.
- We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month's UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
- The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
- Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
- Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI f
