UK House Price Index March 2021 from HM Land Registry
The UK House Price Index March 2021 data shows house price changes for England, Scotland, Wales and Northern Ireland over the year to March 2021.
In the past 12 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 data isn’t inaccurate; however this release may be subject to increased revisions as more data is added over the coming months. Reducing delays for further information.
The March data shows:
- on average, house prices have risen 1.8% since February 2021
- there has been an annual price rise of 10.2% which makes the average property in the UK valued at £256,405
England
In England the March data shows, on average, house prices have risen by 1.7% since February 2021. The annual price rise of 10.2% takes the average property value to £274,615.
The regional data for England indicates that:
- Yorkshire and the Humber experienced the greatest monthly price rise, up by 3.4%
- the South East saw the lowest monthly price growth, with a fall of 0.9%
- Yorkshire and the Humber experienced the greatest annual price rise, up by 14%
- London saw the lowest annual price growth, with a rise of 3.7%
Price change by region for England
| Region | Average price March 2021 | Annual change % since March 2020 | Monthly change % since February 2021 |
| East Midlands | £219,950 | 12.4 | 1.9 |
| East of England | £315,059 | 9.4 | 1.2 |
| London | £500,310 | 3.7 | 1.0 |
| North East | £145,893 | 13.7 | 3.0 |
| North West | £187,924 | 12.8 | 1.2 |
| South East | £348,615 | 7.9 | 0.9 |
| South West | £287,650 | 10.9 | 2.6 |
| West Midlands | £220,982 | 10.7 | 1.8 |
| Yorkshire and the Humber | £188,575 | 14.0 | 3.4 |
Repossession sales by volume for England
The lowest number of repossession sales in January 2021 was in the East of England and the South West.
The highest number of repossession sales in January 2021 was in the North West.
| Repossession sales | January 2021 |
| East Midlands | 8 |
| East of England | 5 |
| London | 23 |
| North East | 25 |
| North West | 34 |
| South East | 30 |
| South West | 5 |
| West Midlands | 15 |
| Yorkshire and the Humber | 28 |
| England | 173 |
Average price by property type for England
| Property type | March 2021 | March 2020 | Difference % |
| Detached | £423,450 | £378,553 | 11.9 |
| Semi-detached | £259,186 | £234,188 | 10.7 |
| Terraced | £226,369 | £202,000 | 12.1 |
| Flat/maisonette | £235,439 | £225,478 | 4.4 |
| All | £274,615 | £249,121 | 10.2 |
Funding and buyer status for England
| Transaction type | Average price March 2021 | Annual price change % since March 2020 | Monthly price change % since February 2021 |
| Cash | £258,370 | 10.4 | 1.8 |
| Mortgage | £282,815 | 10.2 | 1.7 |
| First-time buyer | £228,518 | 9.4 | 1.4 |
| Former owner occupier | £314,160 | 11.1 | 2.0 |
Building status for England
| Building status* | Average price January 2021 | Annual price change % since December 2019 | Monthly price change % since December 2020 |
| New build | £323,339 | 3.0 | 0.4 |
| Existing resold property | £264,658 | 8.8 | 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 risen by 1% since February 2021. An annual price rise of 3.7% takes the average property value to £500,310.
Average price by property type for London
| Property type | March 2021 | March 2020 | Difference % |
| Detached | £966,217 | £917,831 | 5.3 |
| Semi-detached | £628,401 | £591,621 | 6.2 |
| Terraced | £541,889 | £505,497 | 7.2 |
| Flat/maisonette | £425,304 | £421,036 | 1.0 |
| All | £500,310 | £482,605 | 3.7 |
Funding and buyer status for London
| Transaction type | Average price March 2021 | Annual price change % since March 2020 | Monthly price change % since February 2021 |
| Cash | £522,332 | 3.1 | 2.3 |
| Mortgage | £493,489 | 3.8 | 0.7 |
| First-time buyer | £433,018 | 2.7 | 0.5 |
| Former owner occupier | £572,945 | 5.0 | 1.7 |
Building status for London
| Building status* | Average price January 2021 | Annual price change % since December 2019 | Monthly price change % since December 2020 |
| New build | £499,921 | -1.1 | 1.0 |
| Existing resold property | £505,448 | 6.9 | 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 3.1% since February 2021. An annual price rise of 11% takes the average property value to £185,431.
There were 18 repossession sales for Wales in January 2021.
Average price by property type for Wales
| Property type | March 2021 | March 2020 | Difference % |
| Detached | £283,155 | £251,910 | 12.4 |
| Semi-detached | £178,631 | £161,715 | 10.5 |
| Terraced | £145,457 | £129,574 | 12.3 |
| Flat/maisonette | £119,432 | £116,600 | 2.4 |
| All | £185,431 | £167,040 | 11 |
Funding and buyer status for Wales
| Transaction type | Average price March 2021 | Annual price change % since March 2020 | Monthly price change % since February 2021 |
| Cash | £180,037 | 10.8 | 3.4 |
| Mortgage | £188,620 | 11.1 | 3.0 |
| First-time buyer | £159,375 | 10.4 | 2.8 |
| Former owner occupier | £216,107 | 11.7 | 3.4 |
Building status for Wales
| Building status* | Average price January 2021 | Annual price change % since December 2019 | Monthly price change % since December 2020 |
| New build | £235,648 | 4.9 | 0.6 |
| Existing resold property | £178,954 | 12.1 | -0.3 |
*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 10.2% in the year to March 2021, up from 9.2% in February 2021. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.8% between February and March 2021, compared with an increase of 0.9% during the same period a year earlier (February and March 2020).
The UK Property Transactions Statistics showed that in March 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 190,980. This is 102.4% higher than a year ago. Between February and March 2021, UK transactions increased by 32.2% on a seasonally adjusted basis.
House price growth was strongest in Yorkshire and the Humber where prices increased by 14% in the year to March 2021. The lowest annual growth was in London, where prices increased by 3.7% in the year to March 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 March 2021 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of coronavirus took hold.
Kindly shared by HM Land Registry
Main article photo courtesy of Pixabay
