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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.


Access the full UK HPI

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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HM Land Registery

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