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.

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 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.

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