UK House Price Index March 2020 from HM Land Registry

The UK House Price Index March 2020 data shows that, on average, house prices have fallen by 0.2% since February 2020, with a rise of 2.1% annually.

Following the publication of this index, the UK HPI will be suspended until further notice. Further information can be found on the Office for National Statistics (ONS) website.

Headlines:
  • on average, house prices have fallen by 0.2% since February 2020
  • there has been an annual price rise of 2.1%, which makes the average property in the UK valued at £231,855

England

In England the March data shows, on average, house prices have fallen by 0.1% since February 2020. The annual price rise of 2.2% takes the average property value to £248,271.

The regional data for England indicates that:
  • the South West experienced the greatest monthly price rise, up by 2.0%
  • Yorkshire and the Humber saw the most significant monthly price fall, down by 3.6%
  • London experienced the greatest annual price rise, up by 4.7%
  • Yorkshire and the Humber saw the lowest annual price growth, down by 1.0%

Price change by region for England

Region Average price March 2020 Monthly change % since February 2020
East Midlands £194,664 0.4
East of England £291,254 0.0
London £485,794 1.2
North East £126,945 -0.6
North West £166,202 0.2
South East £323,353 0.6
South West £263,360 2.0
West Midlands £195,917 -2.3
Yorkshire and the Humber £159,208 -3.6

 

Repossession sales by volume for England

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

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

Repossession sales January 2020
East Midlands 55
East of England 12
London 53
North East 105
North West 143
South East 60
South West 35
West Midlands 62
Yorkshire and the Humber 107
England 632

 

Average price by property type for England

Property type March 2020 March 2019 Difference %
Detached £379,050 £369,683 2.5
Semi-detached £232,901 £228,288 2.0
Terraced £199,959 £195,955 2.0
Flat/maisonette £226,383 £221,555 2.2
All £248,271 £242,982 2.2

 

Funding and buyer status for England

Transaction type Average price March 2020 Annual price change % since March 2019 Monthly price change % since February 2020
Cash £233,590 2.3 0.1
Mortgage £255,688 2.1 -0.2
First-time buyer £207,917 2.0 -0.2
Former owner occupier £282,247 2.4 -0.1

 

Building status for England

Building status* Average price January 2020 Annual price change % since January 2019 Monthly price change % since December 2019
New build £323,532 7.1 8.1
Existing resold property £243,890 1.2 -0.5

*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 1.2% since February 2020. An annual price rise of 4.7% takes the average property value to £485,794.

Average price by property type for London

Property type March 2020 March 2019 Difference %
Detached £889,309 £879,600 1.1
Semi-detached £581,358 £566,491 2.6
Terraced £506,179 £483,203 4.8
Flat/maisonette £429,401 £406,906 5.5
All £485,794 £464,162 4.7

 

Funding and buyer status for London

Transaction type Average price March 2020 Annual price change % since March 2019 Monthly price change %since February 2020
Cash £514,310 5.8 1.9
Mortgage £477,501 4.4 1.1
First-time buyer £425,911 4.8 1.6
Former owner occupier £546,525 4.5 0.7

 

Building status for London

Building status* Average price January 2020 Annual price change % since January 2019 Monthly price change % since December 2019
New build £521,136 7.6 8.5
Existing resold property £474,660 1.2 -1.0

*Figures for the two 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 2.8% since February 2020. An annual price rise of 1.1% takes the average property value to £161,684.

There were 52 repossession sales for Wales in January 2020.

Average price by property type for Wales

Property type March 2020 March 2019 Difference %
Detached £246,051 £241,228 2.0
Semi-detached £156,492 £154,908 1.0
Terraced £123,624 £123,345 0.2
Flat/maisonette £116,071 £113,873 1.9
All £161,684 £159,904 1.1

 

Funding and buyer status for Wales

Transaction type Average price March 2020 Annual price change % since March 2019 Monthly price change % since February 2020
Cash £157,693 1.6 -2.3
Mortgage £164,150 0.9 -2.9
First-time buyer £139,180 0.7 -3.0
Former owner occupier £188,090 1.5 -2.5

 

Building status for Wales

Building status* Average price January 2020 Annual price change % since January 2019 Monthly price change % since December 2019
New build £230,600 9.7 7.7
Existing resold property £159,380 2.5 -2.5

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

 

Access the full UK HPI*

Please note: The heatmaps that are usually published in the full report will be unavailable this month due to the impact the ongoing coronavirus (COVID-19) pandemic has had on operational services.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. Therefore, the price data feeding into the March 2020 UK HPI will reflect those completions that occurred before the government measures to reduce the spread of coronavirus took hold.

UK house prices

UK house prices increased by 2.1% in the year to March 2020, up from 2.0% in February 2020. On a non-seasonally adjusted basis, average house prices in the UK fell by 0.2% between February 2020 and March 2020, compared with a fall of 0.3% during the same period a year earlier (February 2019 and March 2019).

The UK Property Transactions Statistics for March 2020 showed that on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 99,440. This is 0.3% higher than a year ago. Between February 2020 and March 2020, transactions fell by 0.2%.

House price growth was strongest in Northern Ireland where prices increased by 3.8% over the year to Quarter 1 2020 (January – March 2020). The highest annual growth within the English regions was in London, where average house prices grew by 4.7%. The lowest, and only negative, annual growth was in Yorkshire and the Humber, where prices fell by 1.0% over the year to March 2020.

 

Kindly shared by HM Land Registry