The January data shows:
- on average, house prices have fallen by 1.1% since December 2019
- there has been an annual price rise of 1.3%, which makes the average property in the UK valued at £231,185
England
In England the January data shows, on average, house prices have fallen by 1.2% since December 2019. The annual price rise of 1.1% takes the average property value to £247,355.
The regional data for England indicates that:
- the West Midlands experienced the greatest monthly price rise, up by 0.4%
- the North East saw the most significant monthly price fall, down by 2.6%
- Yorkshire and the Humber experienced the greatest annual price rise, up by 3.1%
- the East of England saw the lowest annual price growth, down by 0.6%
Price change by region for England
| Region | Average price January 2020 | Monthly change % since December 2019 |
|---|---|---|
| East Midlands | £195,707 | -0.4 |
| East of England | £286,999 | -2.2 |
| London | £476,588 | -1.1 |
| North East | £126,592 | -2.6 |
| North West | £164,769 | -1.5 |
| South East | £320,700 | -1.2 |
| South West | £254,320 | -1.8 |
| West Midlands | £200,628 | 0.4 |
| Yorkshire and the Humber | £165,383 | -0.9 |
Repossession sales by volume for England
The lowest number of repossession sales in November 2019 was in the East of England.
The highest number of repossession sales in November 2019 was in the North West.
| Repossession sales | November 2019 |
|---|---|
| East Midlands | 45 |
| East of England | 15 |
| London | 53 |
| North East | 107 |
| North West | 135 |
| South East | 48 |
| South West | 53 |
| West Midlands | 58 |
| Yorkshire and The Humber | 89 |
| England | 603 |
Average price by property type for England
| Property type | January 2020 | January 2019 | Difference % |
|---|---|---|---|
| Detached | £371,605 | £374,559 | -0.8 |
| Semi-detached | £235,441 | £229,019 | 2.8 |
| Terraced | £201,669 | £196,453 | 2.7 |
| Flat/maisonette | £221,053 | £223,908 | -1.3 |
| All | £247,355 | £244,641 | 1.1 |
Funding and buyer status for England
| Transaction type | Average price January 2020 | Annual price change % since January 2019 | Monthly price change % since December 2019 |
|---|---|---|---|
| Cash | £231,059 | 0.3 | -1.8 |
| Mortgage | £255,474 | 1.5 | -1.0 |
| First-time buyer | £207,539 | 1.4 | -1.3 |
| Former owner occupier | £280,684 | 0.8 | -1.1 |
Building status for England
| Building status* | Average price November 2019 | Annual price change % since November 2018 | Monthly price change % since October 2019 |
|---|---|---|---|
| New build | £296,789 | 0.0 | -4.9 |
| Existing resold property | £245,651 | 0.7 | 0.2 |
*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 have fallen by 1.1% since December 2019. An annual price rise of 1.4% takes the average property value to £476,588.
Average price by property type for London
| Property type | January 2020 | January 2019 | Difference % |
|---|---|---|---|
| Detached | £880,878 | £909,861 | -3.2 |
| Semi-detached | £584,072 | £578,054 | 1.0 |
| Terraced | £505,237 | £488,264 | 3.5 |
| Flat/maisonette | £414,346 | £410,934 | 0.8 |
| All | £476,588 | £470,067 | 1.4 |
Funding and buyer status for London
| Transaction type | Average price January 2020 | Annual price change % since January 2019 | Monthly price change % since December 2019 |
|---|---|---|---|
| Cash | £497,529 | 1.0 | -1.6 |
| Mortgage | £470,075 | 1.5 | -0.9 |
| First-time buyer | £415,365 | 1.2 | -1.4 |
| Former owner occupier | £540,500 | 1.7 | -0.6 |
Building status for London
| Building status* | Average price November 2019 | Annual price change % since November 2018 | Monthly price change % since October 2019 |
|---|---|---|---|
| New build | £464,031 | -2.7 | -6.3 |
| Existing resold property | £471,185 | -1.0 | -0.3 |
*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 have fallen by 2.9% since December 2019. An annual price rise of 2.0% takes the average property value to £161,719.
There were 58 repossession sales for Wales in November 2019.
Average price by property type for Wales
| Property type | January 2020 | January 2019 | Difference % |
|---|---|---|---|
| Detached | £241,806 | £240,917 | 0.4 |
| Semi-detached | £159,209 | £152,999 | 4.1 |
| Terraced | £124,273 | £121,828 | 2.0 |
| Flat/maisonette | £114,031 | £113,240 | 0.7 |
| All | £161,719 | £158,548 | 2.0 |
Funding and buyer status for Wales
| Transaction type | Average price January 2020 | Annual price change % since January 2019 | Monthly price change %since December 2019 |
|---|---|---|---|
| Cash | £156,396 | 1.3 | -3.5 |
| Mortgage | £164,837 | 2.4 | -2.6 |
| First-time buyer | £139,590 | 2.2 | -3.2 |
| Former owner occupier | £187,540 | 1.8 | -2.6 |
Building status for Wales
| Building status* | Average price November 2019 | Annual price change % since November 2018 | Monthly price change % since October 2019 |
|---|---|---|---|
| New build | £217,500 | 4.8 | -2.3 |
| Existing resold property | £166,399 | 5.7 | 2.2 |
*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 increased by 1.3% in the year to January 2020, down from 1.7% in December 2019. On a non-seasonally adjusted basis, average house prices in the UK fell by 1.1% between December 2019 and January 2020, compared with a fall of 0.6% during the same period a year earlier (December 2018 and January 2019).
The UK Property Transaction Statistics for January 2020 showed that on a seasonally adjusted basis, the estimated number of transactions on residential properties with a value of £40,000 or greater was 102,810. This is 5.2% higher than a year ago. Between December 2019 and January 2020, transactions increased by 4.1%.
House price growth was strongest in Northern Ireland where prices increased by 2.5% over the year to Quarter 4 (October to December) 2019. The lowest annual growth was in the East of England, where prices decreased by 0.6% over the year to January 2020, followed by the South East where prices fell by 0.5% over the year.
See the economic statement..
Background
-
The UK House Price Index (HPI) is published on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. The February 2020 UK HPI will be published at 9.30am on Wednesday 22 April 2020. 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 also available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of 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 have been introduced for England and Wales within the downloadable data. Tables will be available in csv format. See about the UK HPI f
