UK House Price Index report with data for January 2021

The latest UK house price data from the Office for National Statistics has been published on 24 March 2021 with the following highlights:

• The average price of a property in the UK in January ’21 was £249,309.

• The average UK house price increased 7.5% in the year to January ‘21. The strongest growth was recorded in the North West where prices increased by 12.0% in the year to January ’21.

• The average house prices in the UK decreased by 0.5% between December ‘20 and January ‘21

• The average price of a property in England was £266,532. The annual price change is 7,5%, and the monthly price change -0.6%.

• Across England, semi-detached houses showed the biggest increase out of all property types, growing by 9.1% in the year to January ‘21 to £255,000. The lowest annual change was in flats and maisonettes which increased by 2.0% in the year to January ‘21 to £228,000.

• The average first time buyer London property price in January ’21 was £433,631, annual change 4.2%.

• The average former owner occupier London property price in Jan ’21 was £574,587, annual change 6.9%.

The housing activity may slowed down due to new restrictions introduced in November ’21, but the estimated number of transactions of residential properties with a value of £40,000 or greater in January ’21 was 121,640 which is 24.1% higher than a year ago. Between December 2020 and January 2021, UK transactions decreased by 2.4% on a seasonally adjusted basis.

As before and confirmed by the data from The Royal Institution of Chartered Surveyors’ (RICS) January 2021, while the number of enquiries, sales and new instructions fell for the first time since May ’21, the house prices continued to rise during the same period.

For more details see the full ONS house price index report HERE