HM Land Registry House Price Index January 2024 published
HM Land Registry House Price Index January 2024 published, showing house price changes for England, Scotland, Wales and Northern Ireland.
The January 2024 data show:
-
- on average, house prices have risen 0.5% since December 2023
- there has been an annual price fall of -0.6% which makes the average property in the UK valued at £282,000
England
In England, the January 2024 Data shows on average, house prices have risen by 0.4% since December 2023. The annual price fall of -1.5% takes the average property value to £299,000.
The regional data for England indicates that:
-
- The North-East experienced the most significant monthly decrease with a movement of -1.7%
- London saw the greatest monthly price growth, with a rise of 2.5%
- the North-West experienced the greatest annual price rise, up by 1.0%
- London saw the lowest annual price growth, with a fall of -3.9%
Price change by region for England:
|
Region |
Average price Jan 2024 |
Annual change % since Jan 2023 |
Monthly change % since Dec 2023 |
|
East Midlands |
£240,000 |
-1.9 |
-1.4 |
|
East of England |
£337,000 |
-2.2 |
1.2 |
|
London |
£518,000 |
-3.9 |
2.5 |
|
North-East |
£155,000 |
-3.1 |
-1.7 |
|
North-West |
£215,000 |
1.0 |
-0.6 |
|
South-East |
£373,000 |
-3.1 |
0.6 |
|
South-West |
£317,000 |
-0.6 |
1.5 |
|
West Midlands |
£249,000 |
0.6 |
0.6 |
|
Yorkshire and the Humber |
£204,000 |
-0.7 |
-0.7 |
Repossession sales by volume for England:
The lowest number of repossession sales in November 2023 was in the East of England.
The highest number of repossession sales in November 2023 was in the London and North-West.
|
Repossession sales |
November 2023 |
|
East Midlands |
0 |
|
East of England |
2 |
|
London |
18 |
|
North-East |
12 |
|
North-West |
13 |
|
South-East |
4 |
|
South-West |
4 |
|
West Midlands |
7 |
|
Yorkshire and the Humber |
7 |
|
England |
67 |
Average price by property type for England:
|
Property type |
Jan 2024 |
Jan 2023 |
Difference % |
|
Detached |
£463,000 |
£465,000 |
-0.6 |
|
Semi-detached |
£288,000 |
£290,000 |
-0.7 |
|
Terraced |
£244,000 |
£250,000 |
-2.1 |
|
Flat/maisonette |
£248,000 |
£255,000 |
-2.9 |
|
All |
£299,000 |
£303,000 |
-1.5 |
Funding and buyer status for England:
|
Transaction type |
Average price |
||
|
Jan 2024 |
Annual price change % since Jan 2023 |
Monthly price change % since Dec 2023 |
|
|
Cash |
£281,000 |
-1.7 |
0.4 |
|
Mortgage |
£308,000 |
-1.4 |
0.4 |
|
First-time buyer |
£249,000 |
-1.8 |
-0.3 |
|
Former owner/occupier |
£341,000 |
-1.3 |
1.1 |
Building status for England:
|
Building status* |
Average price |
||
|
November 2023 |
Annual price change % since November 2023 |
Monthly price change % since Oct 2023 |
|
|
New-build |
£422,000 |
16.3 |
8.9 |
|
Existing resold property |
£298,000 |
-2.7 |
-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 have risen by 2.5% since December 2023. An annual price fall of -3.9% takes the average property value to £518,000.
Average price by property type for London:
|
Property type |
Jan 2024 |
Jan 2023 |
Difference % |
|
Detached |
£1,035,000 |
£1,082,000 |
-4.3 |
|
Semi-detached |
£671,000 |
£694,000 |
-3.3 |
|
Terraced |
£561,000 |
£584,000 |
-3.9 |
|
Flat/maisonette |
£433,000 |
£451,000 |
-4.0 |
|
All |
£518,000 |
£539,000 |
-3.9 |
Funding and buyer status for London:
|
Transaction type |
Average price |
||
|
Jan 2024 |
Annual price change % since Jan 2023 |
Monthly price change % since Dec 2023 |
|
|
Cash |
£535,000 |
-4.6 |
3.2 |
|
Mortgage |
£512,000 |
-3.7 |
2.3 |
|
First-time buyer |
£446,000 |
-4.1 |
1.7 |
|
Former owner/occupier |
£596,000 |
-3.5 |
3.6 |
Building status for London:
|
Building status* |
Average price |
||
|
November 2023 |
Annual price change % since November 2023 |
Monthly price change % since Oct 2023 |
|
|
New-build |
£573,000 |
11.0 |
8.5 |
|
Existing resold property |
£519,000 |
-4.4 |
-0.8 |
* 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 -0.1% since December 2023. An annual price fall of -0.8% takes the average property value to £213,000.
There were 2 repossession sales for Wales in November 2023.
Average price by property type for Wales:
|
Property type |
Jan 2024 |
Jan 2023 |
Difference % |
|
Detached |
£322,000 |
£322,000 |
0.0 |
|
Semi-detached |
£208,000 |
£209,000 |
-0.6 |
|
Terraced |
£167,000 |
£169,000 |
-1.2 |
|
Flat/maisonette |
£136,000 |
£140,000 |
-2.6 |
|
All |
£213,000 |
£215,000 |
-0.8 |
Funding and buyer status for Wales:
|
Transaction type |
Average price Jan 2024 |
Annual price change % since Jan 2023 |
Monthly price change % since Dec 2023 |
|
Cash |
£206,000 |
-0.7 |
0.0 |
|
Mortgage |
£217,000 |
-0.8 |
-0.2 |
|
First-time buyer |
£184,000 |
-0.9 |
-0.4 |
|
Former owner/occupier |
£247,000 |
-0.6 |
0.1 |
Building status for Wales:
|
Building status* |
Average price |
||
|
November 2023 |
Annual price change % since Oct 2022 |
Monthly price change % since Oct 2023 |
|
|
New-build |
£322,000 |
16.6 |
9.2 |
|
Existing resold property |
£211,000 |
-2.0 |
-0.7 |
* 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:
Average UK house price annual inflation was negative 0.6% (provisional estimate) in the 12 months to January 2024, compared with negative 2.2% (revised estimate) in the 12 months to December 2023.
The average UK house price was £282,000 in January 2024 (provisional estimate), which is £2,000 lower than 12 months ago. Average house prices in the 12 months to January 2024 decreased in England to £299,000 (negative 1.5%), decreased in Wales to £213,000 (negative 0.8%) and increased in Scotland to £190,000 (4.8%). The average house price increased in the year to Q4 (Oct to Dec) 2023 to £178,000 in Northern Ireland (1.4%).
The UK Property Transactions Statistics showed that in January 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 82,000. This is 11.9% lower than 12 months ago (January 2023). Between December 2023 and January 2024, UK transactions increased by 1.9% on a seasonally adjusted basis.
Of English regions, annual house price inflation was highest in the North West, where prices increased by 1.0% in the 12 months to January 2024. London was the English region with the lowest annual inflation, where prices decreased by 3.9% in the 12 months to January 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.
Kindly shared by HM Land Registry
