UK House Price Index December 2020 from HM Land Registry
The UK House Price Index December 2020 data shows house price changes for England, Scotland, Wales and Northern Ireland over the year to December 2020.
The November data shows:
- on average, house prices have risen 1.2% since November 2020
- there has been an annual price rise of 8.5% which makes the average property in the UK valued at £251,500
England
In England, the December data shows on average, house prices have risen by 1.5% since November 2020. The annual price rise of 8.5% takes the average property value to £269,150.
The regional data for England indicates that:
- the East Midlands experienced the greatest monthly price rise, up by 2.8%
- London saw the lowest monthly price growth, with a fall of 1.1%
- the North West experienced the greatest annual price rise, up by 11.2%
- London saw the lowest annual price growth, with a rise of 3.5%
Price change by region for England
| Region | Average price December 2020 | Annual change % since December 2019 | Monthly change % since November 2020 |
| East Midlands | £215,046 | 10.6% | 2.8% |
| East of England | £310,912 | 7% | 2.4% |
| London | £496,066 | 3.5% | -1.1% |
| North East | £141,154 | 9.2% | 1.9% |
| North West | £183,727 | 11.2% | 2.5% |
| South East | £341,007 | 6.1% | 0.1% |
| South West | £282,388 | 10.2% | 2.3% |
| West Midlands | £216,950 | 9.4% | 1.9% |
| Yorkshire and the Humber | £182,907 | 10.4% | 1.1% |
Repossession sales by volume for England
The lowest number of repossession sales in October 2020 was in the East of England.
The highest number of repossession sales in October 2020 was in the North West.
| Repossession sales | October 2020 |
| East Midlands | 25 |
| East of England | 9 |
| London | 30 |
| North East | 68 |
| North West | 88 |
| South East | 36 |
| South West | 27 |
| West Midlands | 35 |
| Yorkshire and The Humber | 36 |
| England | 354 |
Average price by property type for England
| Property type | December 2020 | December 2019 | Difference % |
| Detached | £413,341 | £375,353 | 10.1 |
| Semi-detached | £253,978 | £233,213 | 8.9 |
| Terraced | £220,396 | £201,726 | 9.3 |
| Flat/maisonette | £234,778 | £224,882 | 4.4 |
| All | £269,150 | £248,097 | 8.5 |
Funding and buyer status for England
| Transaction type | Average price December 2020 | Annual price change % since December 2019 | Monthly price change %since November 2020 |
| Cash | £253,634 | 8.6 | 1.7 |
| Mortgage | £277,012 | 8.4 | 1.4 |
| First-time buyer | £224,560 | 7.8 | 1.5 |
| Former owner occupier | £307,113 | 9.2 | 1.4 |
Building status for England
| Building status* | Average price October 2020 | Annual price change % since October 2019 | Monthly price change % since September 2020 |
| New build | £327,486 | 6.3 | -0.7 |
| Existing resold property | £258,708 | 5.6 | 1.1 |
*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 fallen by 1.1% since November 2020. An annual price rise of 3.5% takes the average property value to £496,066.
Average price by property type for London
| Property type | December 2020 | December 2019 | Difference % |
| Detached | £959,589 | £908,784 | 5.6 |
| Semi-detached | £616,718 | £584,771 | 5.5 |
| Terraced | £536,104 | £502,617 | 6.7 |
| Flat/maisonette | £423,399 | £418,382 | 1.2 |
| All | £496,066 | £479,153 | 3.5 |
Funding and buyer status for London
| Transaction type | Average price December 2020 | Annual price change % since December 2019 | Monthly price change %since November 2020 |
| Cash | £512,226 | 2 | -1.6 |
| Mortgage | £490,513 | 3.9 | -0.9 |
| First-time buyer | £431,160 | 3 | -0.9 |
| Former owner occupier | £564,795 | 4.3 | -1.4 |
Building status for London
| Building status* | Average price October 2020 | Annual price change % since October 2019 | Monthly price change % since September 2020 |
| New build | £505,833 | 3.4 | -2.1 |
| Existing resold property | £492,362 | 4.4 | -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.
Wales
Wales shows, on average, house prices have risen by 2.3% since November 2020. An annual price rise of 10.7% takes the average property value to £184,195.
There were 33 repossession sales for Wales in October 2020.
Average price by property type for Wales
| Property type | December 2020 | December 2019 | Difference % |
| Detached | £278,109 | £250,719 | 10.9 |
| Semi-detached | £177,623 | £161,024 | 10.3 |
| Terraced | £144,124 | £129,382 | 11.4 |
| Flat/maisonette | £125,186 | £115,908 | 8 |
| All | £184,195 | £166,433 | 10.7 |
Funding and buyer status for Wales
| Transaction type | Average price December 2020 | Annual price change % since December 2019 | Monthly price change % since November 2020 |
| Cash | £178,870 | 10.2 | 2 |
| Mortgage | £187,378 | 11 | 2.4 |
| First-time buyer | £159,106 | 10.5 | 2.6 |
| Former owner occupier | £213,417 | 10.9 | 1.9 |
Building status for Wales
| Building status* | Average price October 2020 | Annual price change % since October 2019 | Monthly price change % since September 2020 |
| New build | £236,096 | 7.3 | 1.7 |
| Existing resold property | £173,807 | 6.6 | 3.4 |
*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.
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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 December 2020 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of coronavirus (COVID-19) took hold.
UK house prices
UK house prices increased by 8.5% in the year to December 2020, up from 7.1% in November 2020. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.2% between November and December 2020, compared with a fall of 0.1% during the same period a year earlier (November and December 2019).
The UK Property Transactions Statistics showed that in December 2020, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 129,400. This is 31.5% higher than a year ago. Between November and December 2020, UK transactions increased by 13.1% on a seasonally adjusted basis.
House price growth was strongest in the North West of England where prices increased by 11.2% in the year to December 2020. The lowest annual growth was in the London, where prices increased by 3.5% in the year to December 2020, down from 7.0% in the year to November 2020.
See the economic statement.
Kindly shared by HM Land Registry
Main article photo courtesy of Pixabay
