UK House Price Index January 2021 from HM Land Registry

The UK House Price Index January 2021 data shows house price changes for England, Scotland, Wales and Northern Ireland over the year to January 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 January data shows:
  • on average, house prices have fallen 0.5% since December 2020
  • there has been an annual price rise of 7.5% which makes the average property in the UK valued at £249,309

England

In England the January data shows, on average, house prices have fallen by 0.6% since December 2020. The annual price rise of 7.5% takes the average property value to £266,532.

The regional data for England indicates the:
  • North West experienced the greatest monthly price rise, up by 0.7%
  • West Midlands saw the lowest monthly price growth, with a fall of -2.3%
  • North West experienced the greatest annual price rise, up by 12%
  • West Midlands saw the lowest annual price growth, with a rise of 4.7%

Price change by region for England

Region Average price January 2021 Annual change % since January 2020 Monthly change % since December 2020
East Midlands £209,927 7.6 -1.2
East of England £310,639 7.5 0.7
London £501,320 5.3 0.1
North East £138,151 8.5 -1.3
North West £184,234 12.0 0.7
South East £342,420 6.4 0.1
South West £274,648 6.7 -1.8
West Midlands £210,454 4.7 -2.3
Yorkshire and the Humber £179,248 8.9 -1.4

 

Repossession sales by volume for England

The lowest number of repossession sales in November 2020 was in the East of England.

The highest number of repossession sales in November 2020 was in the North West.

Repossession sales November 2020
East Midlands 17
East of England 11
London 28
North East 41
North West 54
South East 30
South West 17
West Midlands 16
Yorkshire and the Humber 33
England 247

 

Average price by property type for England

Property type January 2021 January 2020 Difference %
Detached £409,290 £376,422 8.7
Semi-detached £255,015 £233,645 9.1
Terraced £217,520 £200,819 8.3
Flat/maisonette £228,471 £223,969 2.0
All £266,532 £247,898 7.5

 

Funding and buyer status for England

Transaction type Average price January 2021 Annual price change % since January 2020 Monthly price change % since December 2020
Cash £250,160 7.5 -0.9
Mortgage £274,742 7.5 -0.5
First-time buyer £221,743 6.7 -0.8
Former owner occupier £304,982 8.3 -0.3

 

Building status for England

Building status* Average price November 2020 Annual price change % since November 2019 Monthly price change % since October 2020
New build £320,918 9.1 -0.7
Existing resold property £261,924 6.8 1.4

*Figures for the two 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 0.1% since December 2020. An annual price rise of 5.3% takes the average property value to £501,320.

Average price by property type for London

Property type January 2021 January 2020 Difference %
Detached £978,289 £892,166 9.7
Semi-detached £640,224 £580,151 10.4
Terraced £545,947 £498,319 9.6
Flat/maisonette £422,557 £416,550 1.4
All £501,320 £475,948 5.3

 

Funding and buyer status for London

Transaction type Average price January 2021 Annual price change % since January 2020 Monthly price change % since December 2020
Cash £517,686 3.7 -0.2
Mortgage £495,701 5.7 0.2
First-time buyer £433,631 4.2 -0.3
Former owner occupier £574,587 6.9 0.7

 

Building status for London

Building status* Average price November 2020 Annual price change % since November 2019 Monthly price change % since October 2020
New build £499,386 7.8 -0.2
Existing resold property £502,829 6.9 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.

 

Wales

Wales shows, on average, house prices have fallen by 1.9% since December 2020. An annual price rise of 9.6% takes the average property value to £178,907.

There were 24 repossession sales for Wales in November 2020.

Average price by property type for Wales

Property type January 2021 January 2020 Difference %
Detached £274,858 £246,545 11.5
Semi-detached £175,235 £158,726 10.4
Terraced £136,474 £125,708 8.6
Flat/maisonette £119,527 £114,648 4.3
All £178,907 £163,205 9.6

 

Funding and buyer status for Wales

Transaction type Average price January 2021 Annual price change % since January 2020 Monthly price change %since December 2020
Cash £174,027 10.3 -2.0
Mortgage £181,854 9.3 -1.8
First-time buyer £153,083 8.7 -2.5
Former owner occupier £209,604 10.7 -1.2

 

Building status for Wales

Building status* Average price November 2020 Annual price change % since November 2019 Monthly price change % since October 2020
New build £231,907 7.8 -0.6
Existing resold property £176,674 6.6 1.6

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Reducing delays

Our absolute top priority is to reduce any delays, both those caused by the pandemic and those existing beforehand.

To simultaneously 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.

Access the full UK HPI

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 January 2021 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 7.5% in the year to January 2021, down from 8.0% in December 2020. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.5% between December 2020 and January 2021, compared with an increase of 0.1% during the same period a year earlier (December 2019 and January 2020).

The UK Property Transactions Statistics showed that in January 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 121,640. This is 24.1% higher than a year ago. Between December 2020 and January 2021, UK transactions decreased by 2.4% on a seasonally adjusted basis.

House price growth was strongest in the North West where prices increased by 12.0% in the year to January 2021. The lowest annual growth was in the West Midlands, where prices increased by 4.7% in the year to January 2021.

 

Kindly shared by HM Land Registry

Main article photo courtesy of Pixabay