February 2020 UK HPI from HM Land Registry
The UK House Price Index will continue to be released on a monthly basis and we will review the ongoing impact of the COVID-19 pandemic on the amount of transactions available. The index will continue to reflect the property market, although we are anticipating lower volumes in transactions starting from next month’s release following the implementation of the measures taken by the government.
The February data shows:
- on average, house prices have fallen by 0.6% since January 2020
- there has been an annual price rise of 1.1%, which makes the average property in the UK valued at £230,332
England
In England, the February data shows on average, house prices have fallen by 0.6% since January 2020. The annual price rise of 0.8% takes the average property value to £246,341.
The regional data for England indicates that:
- The South West experienced the greatest monthly price rise, up by 0.5%;
- The East Midlands saw the most significant monthly price fall, down by 1.0%;
- London experienced the greatest annual price rise, up by 2.3%; and
- The East of England saw the lowest annual price growth, down by 1.0%
Price change by region for England
| Region |
Average price February 2020 |
Monthly change % since January 2020 |
| East Midlands |
£192,244 |
-1.5 |
| East of England |
£286,869 |
-0.7 |
| London |
£476,972 |
0.2 |
| North East |
£125,053 |
-1.3 |
| North West |
£163,602 |
-0.5 |
| South East |
£321,329 |
-0.4 |
| South West |
£258,044 |
0.5 |
| West Midlands |
£198,658 |
-1.3 |
| Yorkshire and the Humber |
£162,334 |
-1.0 |
Repossession sales by volume for England
The lowest number of repossession sales in December 2019 was in the East of England.
The highest number of repossession sales in December 2019 was in the North West.
| Repossession sales |
December 2019 |
| East Midlands |
33 |
| East of England |
16 |
| London |
44 |
| North East |
65 |
| North West |
149 |
| South East |
53 |
| South West |
32 |
| West Midlands |
61 |
| Yorkshire and The Humber |
87 |
| England |
540 |
Average price by property type for England
| Property type |
February 2020 |
February 2019 |
Difference % |
| Detached |
£374,490 |
£373,299 |
0.3 |
| Semi-detached |
£231,431 |
£228,633 |
1.2 |
| Terraced |
£199,631 |
£196,809 |
1.4 |
| Flat/maisonette |
£223,299 |
£223,812 |
-0.2 |
| All |
£246,341 |
£244,427 |
0.8 |
Funding and buyer status for England
| Transaction type |
Average price February 2020 |
Annual price change % since February 2019 |
Monthly price change % since January 2020 |
| Cash |
£232,030 |
0.9 |
-0.2 |
| Mortgage |
£253,585 |
0.8 |
-0.8 |
| First-time buyer |
£206,214 |
0.5 |
-0.6 |
| Former owner occupier |
£280,173 |
1.0 |
-0.6 |
Building status for England
| Building status* |
Average price December 2019 |
Annual price change % since December 2019 |
Monthly price change % since November 2019 |
| New build |
£304,479 |
0.9 |
3.2 |
| Existing resold property |
£245,312 |
1.0 |
0.0 |
*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.
London
London shows, on average, house prices have risen by 0.2% since January 2020. An annual price rise of 2.3% takes the average property value to £476,972.
Average price by property type for London
| Property type |
February 2020 |
February 2019 |
Difference % |
| Detached |
£920,395 |
£897,130 |
2.6 |
| Semi-detached |
£588,578 |
£571,003 |
3.1 |
| Terraced |
£500,852 |
£484,811 |
3.3 |
| Flat/maisonette |
£414,307 |
£407,751 |
1.6 |
| All |
£476,972 |
£466,068 |
2.3 |
Funding and buyer status for London
| Transaction type |
Average price February 2020 |
Annual price change % since February 2019 |
Monthly price change % since January 2020 |
| Cash |
£498,164 |
2.0 |
0.2 |
| Mortgage |
£470,403 |
2.4 |
0.1 |
| First-time buyer |
£415,833 |
1.9 |
0.1 |
| Former owner occupier |
£540,714 |
2.9 |
0.2 |
Building status for London
| Building status* |
Average price December 2019 |
Annual price change % since December 2018 |
Monthly price change % since November 2019 |
| New build |
£488,122 |
0.0 |
5.5 |
| Existing resold property |
£479,474 |
1.5 |
1.9 |
*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 risen by 1.2% since January 2020. An annual price rise of 3.4% takes the average property value to £164,435.
There were 46 repossession sales for Wales in December 2019.
Average price by property type for Wales
| Property type |
February 2020 |
February 2019 |
Difference % |
| Detached |
£247,282 |
£240,555 |
2.8 |
| Semi-detached |
£158,811 |
£153,069 |
3.8 |
| Terraced |
£128,518 |
£122,989 |
4.5 |
| Flat/maisonette |
£113,397 |
£113,459 |
-0.1 |
| All |
£164,435 |
£159,018 |
3.4 |
Funding and buyer status for Wales
| Transaction type |
Average price February 2020 |
Annual price change % since February 2019 |
Monthly price change % since January 2020 |
| Cash |
£159,685 |
3.4 |
1.6 |
| Mortgage |
£167,277 |
3.5 |
0.9 |
| First-time buyer |
£142,019 |
3.4 |
1.4 |
| Former owner occupier |
£190,543 |
3.4 |
0.9 |
Building status for Wales
| Building status* |
Average price December 2019 |
Annual price change % since December 2018 |
Monthly price change % since November 2019 |
| New build |
£217,423 |
1.7 |
0.5 |
| Existing resold property |
£163,423 |
2.7 |
-1.7 |
*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.
*Please note: The heatmaps that are usually published in the full report will be unavailable this month due to the impact the ongoing COVID-19 pandemic has had on operational services. A further statement from ONS regarding their work to ensure that the UK has the vital information needed to respond to the impact of the coronavirus (COVID-19) pandemic on our economy and society, including the UK House Price Index can be found here: https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/february2020#measuring-the-data
UK house prices increased by 1.3% in the year to January 2020, down from 1.7% in December 2019. On a non-seasonally adjusted basis, average house prices in the UK decreased by 1.1% between December 2019 and January 2020, compared with a fall of 0.6% during the same period a year earlier (December 2018 and January 2019).
The UK Property Transaction Statistics for January 2020 showed that on a seasonally adjusted basis, the estimated number of transactions on residential properties with a value of £40,000 or greater was 102,810. This is 5.2% higher than a year ago. Between December 2019 and January 2020, transactions increased by 4.1%
House price growth was strongest in Northern Ireland where prices increased by 2.5% over the year to Quarter 4 (October to December) 2019. The lowest annual growth was in the East of England, where prices decreased by 0.6% over the year to January 2020, followed by the South East where prices fell by 0.5% over the year.
See the economic statement.
You May Also Enjoy
Seven things to do if a tree damages your property
Leasing demand rises across all sectors
Don’t Put The Property Market On Pause
Before You Sign: 10 Things Home Movers Wish They Knew
Property expert warns homeowners to lock in amid mortgage rates uncertainty
