HM Land Registry: UK House Price Index July 2021
The latest UK House Price Index July 2021 data shows changes in house prices for England, Scotland, Wales and Northern Ireland up to end of July 2021.
In the past 18 months all those involved in the property market have been impacted by the effects of coronavirus (COVID-19); HM Land Registry is no different and as a result, this release of the UK House Price index isn’t as complete as it could be.
The July data shows:
- on average, house prices have decreased 3.7% since June 2021
- there has been an annual price rise of 8% which makes the average property in the UK valued at £255,535
England
In England, the July data shows on average, house prices have fallen by 4.5% since June 2021. The annual price rise of 7% takes the average property value to £270,973.
The regional data for England indicates that:
- no region saw a monthly price rise. The South East experienced the smallest monthly fall with a movement of -1.3%
- the North West saw the lowest monthly price growth, at -7.6%
- the North East experienced the greatest annual price rise, up by 10.8%
- London saw the lowest annual price growth, with a rise of 2.2%
Price change by region for England
| Region | Average price July 2021 | Annual change % since July 2020 | Monthly change % since June 2021 |
| East Midlands | £214,169 | 6.9 | -5.5 |
| East of England | £312,076 | 6.8 | -3.8 |
| London | £494,673 | 2.2 | -2.0 |
| North East | £144,935 | 10.8 | -3.5 |
| North West | £185,171 | 8.1 | -7.6 |
| South East | £354,278 | 8.8 | -1.3 |
| South West | £277,178 | 5.2 | -5.8 |
| West Midlands | £220,759 | 8.5 | -4.9 |
| Yorkshire and the Humber | £180,324 | 6.9 | -6.8 |
Repossession sales by volume for England
The lowest number of repossession sales in May 2021 was in the East of England.
The highest number of repossession sales in May 2021 was in the North West.
| Repossession sales | May 2021 |
| East Midlands | 3 |
| East of England | 1 |
| London | 9 |
| North East | 20 |
| North West | 27 |
| South East | 12 |
| South West | 8 |
| West Midlands | 5 |
| Yorkshire and the Humber | 9 |
| England | 94 |
Average price by property type for England
| Property type | July 2021 | July 2020 | Difference % |
| Detached | £414,849 | £384,026 | 8 |
| Semi-detached | £257,831 | £238,857 | 7.9 |
| Terraced | £220,117 | £206,198 | 6.8 |
| Flat/maisonette | £237,188 | £227,032 | 4.5 |
| All | £270,973 | £253,226 | 7 |
Funding and buyer status for England
| Transaction type | Average price July 2021 | Annual price change % since July 2020 | Monthly price change % since June 2021 |
| Cash | £254,412 | 7 | -4.6 |
| Mortgage | £279,273 | 7 | -4.5 |
| First-time buyer | £226,474 | 6.7 | -4.3 |
| Former owner occupier | £308,668 | 7.3 | -4.7 |
Building status for England
| Building status* | Average price May 2021 | Annual price change % since May 2020 | Monthly price change % since April 2021 |
| New-build | £351,308 | 11.7 | -0.2 |
| Existing resold property | £264,010 | 8.7 | 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.
London
London shows, on average, house prices have fallen by 2% since June 2021. An annual price rise of 2.2% takes the average property value to £494,673.
Average price by property type for London
| Property type | July 2021 | July 2020 | Difference % |
| Detached | £958,038 | £920,274 | 4.1 |
| Semi-detached | £617,088 | £595,144 | 3.7 |
| Terraced | £521,993 | £511,049 | 2.1 |
| Flat/maisonette | £427,462 | £419,846 | 1.8 |
| All | £494,673 | £483,830 | 2.2 |
Funding and buyer status for London
| Transaction type | Average price July 2021 | Annual price change % since July 2020 | Monthly price change % since June 2021 |
| Cash | £521,157 | 3.0 | 0.8 |
| Mortgage | £486,975 | 2.1 | -2.6 |
| First-time buyer | £428,428 | 1.6 | -2.2 |
| Former owner occupier | £565,960 | 3.1 | -1.7 |
Building status for London
| Building status* | Average price May 2021 | Annual price change % since May 2020 | Monthly price change % since April 2021 |
| New-build | £522,849 | 4.0 | -2.4 |
| Existing resold property | £493,788 | 5.0 | -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.
Wales
Wales shows, on average, house prices have fallen by 4% since June 2021. An annual price rise of 11.6% takes the average property value to £187,960.
There were 7 repossession sales for Wales in May 2021.
Average price by property type for Wales
| Property type | July 2021 | July 2020 | Difference % |
| Detached | £283,586 | £253,927 | 11.7 |
| Semi-detached | £182,687 | £163,302 | 11.9 |
| Terraced | £145,669 | £130,681 | 11.5 |
| Flat/maisonette | £129,780 | £116,803 | 11.1 |
| All | £187,960 | £168,416 | 11.6 |
Funding and buyer status for Wales
| Transaction type | Average price July 2021 | Annual price change % since July 2020 | Monthly price change % since June 2021 |
| Cash | £182,321 | 11.7 | -4 |
| Mortgage | £191,265 | 11.5 | -4.1 |
| First-time buyer | £162,121 | 11.5 | -4.2 |
| Former owner occupier | £218,162 | 11.7 | -3.8 |
Building status for Wales
| Building status* | Average price May 2021 | Annual price change % since May 2020 | Monthly price change % since April 2021 |
| New-build | £263,323 | 18.1 | 1.7 |
| Existing resold property | £181,891 | 14.3 | 1.3 |
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
UK House Prices
UK house prices increased by 8% in the year to July 2021, down from 13.1% in June 2021. On a non-seasonally adjusted basis, average house prices in the UK decreased by 3.7% between June and July 2021, compared with an increase of 0.8% during the same period a year earlier (June and July 2020).
The UK Property Transactions Statistics showed that in July 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 73,740. This is 4.2% higher than a year ago. Between June and July 2021, UK transactions decreased by 62.8% on a seasonally adjusted basis, following a record level of transaction numbers in June 2021.
House price growth was strongest in the North East where prices increased by 10.8% in the year to July 2021. The lowest annual growth was in London, where prices increased by 2.2% in the year to July 2021.
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 July 2021 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of COVID-19 took hold.
Kindly shared by HM Land Registry
Main article photo courtesy of Pixabay
