UK House Price Index February 2019 shows falls of 0.8%
The February data shows, on average, house prices have fallen by 0.8% since January 2019. There has been an annual price rise of 0.6%, which makes the average property in the UK valued at £226,234.
England
In England, the February data shows on average, house prices have fallen by 0.6% since January 2019. The annual price rise of 0.4% takes the average property value to £242,964.
The regional data for England indicates that:
- The North West experienced the greatest monthly price rise, up by 1.3%;
- Yorkshire and The Humber saw the most significant monthly price fall, down by 2.5%;
- the North West experienced the greatest annual price rise, up by 4.0%; and
- London saw the largest annual price fall, down by 3.8%
Price change by region for England
| Region |
Average price February 2019 |
Monthly change % since January 2019 |
| East Midlands |
£190,199 |
-0.5 |
| East of England |
£290,137 |
0.5 |
| London |
£459,800 |
-2.0 |
| North East |
£125,397 |
-0.4 |
| North West |
£163,758 |
1.3 |
| South East |
£315,700 |
-1.7 |
| South West |
£253,730 |
-0.4 |
| West Midlands |
£196,152 |
0.4 |
| Yorkshire and the Humber |
£155,685 |
-2.5 |
Repossession sales by volume for England
The lowest number of repossession sales in December 2018 was in the East of England.
The highest number of repossession sales in December 2018 was in the North West.
| Repossession sales |
December 2018 |
| East Midlands |
34 |
| East of England |
15 |
| London |
33 |
| North East |
65 |
| North West |
111 |
| South East |
44 |
| South West |
22 |
| West Midlands |
58 |
| Yorkshire and the Humber |
81 |
| England |
463 |
Average price by property type for England
| Property type
|
February 2019 |
February 2018 |
Difference % |
| Detached |
£370,000 |
£366,752 |
0.9 |
| Semi-detached |
£228,795 |
£224,239 |
2.0 |
| Terraced |
£196,326 |
£194,649 |
0.9 |
| Flat/maisonette |
£219,910 |
£227,060 |
-3.1 |
| All |
£242,964 |
£241,989 |
0.4 |
Funding and buyer status for England
| Transaction type |
Average price February 2019 |
Annual price change % since February 2018 |
Monthly price change % since January 2019 |
| Cash |
£228,539 |
0.3 |
-0.7 |
| Mortgage |
£250,218 |
0.4 |
-0.5 |
| First-time buyer |
£203,518 |
0.0 |
-0.4 |
| Former owner occupier |
£276,126 |
0.7 |
-0.8 |
Building status for England
| Building status* |
Average price December 2018 |
Annual price change % since December 2017 |
Monthly price change % since November 2018 |
| New build |
£301,483 |
2.4 |
1.0 |
| Existing resold property |
£243,102 |
1.8 |
-0.4 |
*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 fallen by 2.0% since January 2019. An annual price fall of 3.8% takes the average property value to £459,800.
Average price by property type for London
| Property type
|
February 2019 |
February 2018 |
Difference % |
| Detached |
£892,443 |
£898,057 |
-0.6 |
| Semi-detached |
£568,874 |
£574,508 |
-1.0 |
| Terraced |
£484,380 |
£489,511 |
-1.0 |
| Flat/maisonette |
£398,579 |
£423,537 |
-5.9 |
| All |
£459,800 |
£477,860 |
-3.8 |
Funding and buyer status for London
| Transaction type |
Average price February 2019 |
Annual price change % since February 2018 |
Monthly price change % since January 2019 |
| Cash |
£482,156 |
-4.4 |
-1.7 |
| Mortgage |
£453,036 |
-3.6 |
-2.1 |
| First-time buyer |
£400,645 |
-4.5 |
-2.0 |
| Former owner occupier |
£521,583 |
-2.8 |
-2.0 |
Building status for London
| Building status* |
Average price December 2018 |
Annual price change % since December 2017 |
Monthly price change % since November 2018 |
| New build |
£485,474 |
0.5 |
1.7 |
| Existing resold property |
£472,324 |
-0.8 |
-0.6 |
*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 0.2% since January 2019. An annual price rise of 4.1% takes the average property value to £159,559.
There were 42 repossession sales for Wales in December 2018.
Average price by property type for Wales
| Property type |
February 2019 |
February 2018 |
Difference % |
| Detached |
£239,352 |
£232,291 |
3.0 |
| Semi-detached |
£154,272 |
£147,301 |
4.7 |
| Terraced |
£124,178 |
£117,732 |
5.5 |
| Flat/maisonette |
£112,715 |
£111,853 |
0.8 |
| All |
£159,559 |
£153,210 |
4.1 |
Funding and buyer status for Wales
| Transaction type |
Average price February 2019 |
Annual price change % since February 2018 |
Monthly price change % since January 2019 |
| Cash |
£154,883 |
3.8 |
-0.1 |
| Mortgage |
£162,313 |
4.3 |
0.4 |
| First-time buyer |
£138,025 |
4.4 |
0.7 |
| Former owner occupier |
£184,589 |
3.9 |
-0.3 |
Building status for Wales
| Building status* |
Average price December 2018 |
Annual price change % since December 2017 |
Monthly price change % since November 2018 |
| New build |
£212,416 |
6.3 |
1.8 |
| Existing resold property |
£158,814 |
5.2 |
1.1 |
*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.
UK house prices rose by 0.6% in the year to February 2019, down from 1.7% in the year to January 2019. This is the lowest annual growth for the UK since September 2012, when house prices increased by 0.4%.
The UK Property Transaction Statistics for February 2019 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 101,780. This is 2.7% higher compared to a year ago. Between January 2019 and February 2019, transactions increased by 1.7%.
House prices grew fastest in Wales increasing by 4.1% in the year to February 2019. House prices in London fell by 3.8% over the year to February 2019, down from a fall of 2.2% in January 2019.
See the economic statement.
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