UK House Price Index February 2021 from HM Land Registry
The UK House Price Index February 2021 data shows house price changes for England, Scotland, Wales and Northern Ireland over the year to February 2021.
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 February data show:
- on average, house prices have neither risen nor fallen since January 2021
- there has been an annual price rise of 8.6% which makes the average property in the UK valued at £250,341
England
In England the February data shows, on average, house prices have risen by 0.2% since January 2021. The annual price rise of 8.7% takes the average property value to £268,291.
The regional data for England indicate that:
- the North West experienced the greatest monthly price rise, up by 1.3%
- the North East saw the lowest monthly price growth, with a fall of -1.6%
- the North West experienced the greatest annual price rise, up by 11.9%
- London saw the lowest annual price growth, with a rise of 4.6%
Price change by region for England
| Region | Average price February 2021 | Annual change % since February 2020 | Monthly change % since January 2021 |
| East Midlands | £213,967 | 10.6 | 0.8 |
| East of England | £306,346 | 6 | -0.9 |
| London | £496,269 | 4.6 | -1.4 |
| North East | £138,370 | 9 | -1.6 |
| North West | £184,351 | 11.9 | 1.3 |
| South East | £345,075 | 8.5 | 0.9 |
| South West | £279,242 | 9 | 0 |
| West Midlands | £215,451 | 8.3 | 0.8 |
| Yorkshire and the Humber | £182,220 | 10.9 | 0.6 |
Repossession sales by volume for England
The lowest number of repossession sales in December 2020 was in the East of England.
The highest number of repossession sales in December 2020 was in the North West.
| Repossession sales | December 2020 |
| East Midlands | 12 |
| East of England | 4 |
| London | 25 |
| North East | 23 |
| North West | 42 |
| South East | 32 |
| South West | 18 |
| West Midlands | 13 |
| Yorkshire and the Humber | 36 |
| England | 205 |
Average price by property type for England
| Property type | February 2021 | February 2020 | Difference % |
| Detached | £409,868 | £375,328 | 9.2 |
| Semi-detached | £253,633 | £232,287 | 9.2 |
| Terraced | £219,032 | £200,753 | 9.1 |
| Flat/maisonette | £236,375 | £221,254 | 6.8 |
| All | £268,291 | £246,739 | 8.7 |
Funding and buyer status for England
| Transaction type | Average price February 2021 | Annual price change % since February 2020 | Monthly price change % since January 2021 |
| Cash | £252,731 | 9 | 0.4 |
| Mortgage | £276,185 | 8.6 | 0.1 |
| First-time buyer | £224,797 | 8.7 | 0.7 |
| Former owner occupier | £304,863 | 8.8 | -0.3 |
Building status for England
| Building status* | Average price December 2020 | Annual price change % since December 2019 | Monthly price change % since November 2020 |
| New build | £316,962 | 7.1 | 0.2 |
| Existing resold property | £264,664 | 7.9 | 1.1 |
London
London shows, on average, house prices have fallen by 1.4% since January 2021. An annual price rise of 4.6% takes the average property value to £496,269.
Average price by property type for London
| Property type | February 2021 | February 2020 | Difference % |
| Detached | £980,803 | £913,264 | 7.4 |
| Semi-detached | £622,049 | £584,538 | 6.4 |
| Terraced | £531,618 | £501,384 | 6 |
| Flat/maisonette | £423,854 | £411,015 | 3.1 |
| All | £496,269 | £474,480 | 4.6 |
Funding and buyer status for London
| Transaction type | Average price February 2021 | Annual price change % since February 2020 | Monthly price change % since January 2021 |
| Cash | £508,518 | 2.4 | -2.4 |
| Mortgage | £491,521 | 5.1 | -1.2 |
| First-time buyer | £433,726 | 4.8 | -0.6 |
| Former owner occupier | £560,746 | 4.3 | -2.5 |
Building status for London
| Building status* | Average price December 2020 | Annual price change % since December 2019 | Monthly price change % since November 2020 |
| New build | £488,371 | 2.2 | -0.6 |
| Existing resold property | £502,975 | 4.7 | 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 have fallen by 0.7% since January 2021. An annual price rise of 8.4% takes the average property value to £179,861.
There were 18 repossession sales for Wales in December 2020.
Average price by property type for Wales
| Property type | February 2021 | February 2020 | Difference % |
| Detached | £272,097 | £250,414 | 8.7 |
| Semi-detached | £172,565 | £160,638 | 7.4 |
| Terraced | £140,825 | £129,311 | 8.9 |
| Flat/maisonette | £123,542 | £113,441 | 8.9 |
| All | £179,861 | £165,953 | 8.4 |
Funding and buyer status for Wales
| Transaction type | Average price February 2021 | Annual price change % since February 2020 | Monthly price change % since January 2021 |
| Cash | £175,983 | 9.2 | -0.2 |
| Mortgage | £182,363 | 8 | -1 |
| First-time buyer | £155,687 | 8.5 | -0.2 |
| Former owner occupier | £207,914 | 8.2 | -1.4 |
Building status for Wales
| Building status* | Average price December 2020 | Annual price change % since December 2019 | Monthly price change % since November 2020 |
| New build | £229,665 | 8.4 | 0.5 |
| Existing resold property | £179,168 | 9.4 | 1.5 |
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
UK house prices
UK house prices increased by 8.6% in the year to February 2021, down from 8% in January 2021. On a non-seasonally adjusted basis, average house prices in the UK were unchanged between January and February 2021, compared with an decrease of 0.6% during the same period a year earlier (January and February 2020).
The UK Property Transactions Statistics showed that in February 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 147,050. This is 48.5% higher than a year ago. Between January 2021 and February 2021, UK transactions increased by 23% on a seasonally adjusted basis.
House price growth was strongest in the North West, where prices increased by 11.9% in the year to February 2021. The lowest annual growth was in London, where prices increased by 4.6% in the year to February 2021.
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. The price data feeding into the February 2021 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of COVID-19 took hold.
Reducing delays
Our absolute top priority is to reduce any delays, both those caused by the pandemic and those existing beforehand.
To deliver our services while promoting public health, we are:
- adjusting our resources where necessary
- introducing automation where practical
- recruiting and training more than 500 new staff
Northern Ireland sales volumes
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.
Kindly shared by HM Land Registry
Main article photo courtesy of Pixabay
