HM Land Registry
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UK House Price Index for February 2024
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
The February data shows:
- on average, house prices have risen 0.4% since January 2024
- there has been an annual price fall of -0.2% which makes the average property in the UK valued at £281,000
England
In England the February data shows, on average, house prices have risen by 0.6 since January 2024. The annual price fall of -1.1% takes the average property value to £298,000.
The regional data for England indicates that:
- the North East experienced the most significant monthly increase with a movement of 2.9%
- the North East saw the greatest monthly price growth, with a rise of 3.2%
- the North West experienced the greatest annual price rise, up by 1%
- London saw the lowest annual price growth, with a fall of -4.8%
Price change by region for England
| Region | Average price Feb 2024 | Annual change % since Feb 2023 | Monthly change % since Jan 2023 |
|---|---|---|---|
| East Midlands | £242,000 | -0.4 | 1.4 |
| East of England | £339,000 | -1.6 | 1.7 |
| London | £503,000 | -4.8 | -0.7 |
| North East | £160,000 | 2.9 | 3.2 |
| North West | £214,000 | 1.4 | -0.2 |
| South East | £373,000 | -2.1 | 1.1 |
| South West | £317,000 | -0.4 | 0.5 |
| West Midlands | £242,000 | -2.9 | -1.2 |
| Yorkshire and the Humber | £205,000 | 0.2 | 0.9 |
Repossession sales by volume for England
The lowest number of repossession sales in Dec 2023 was in the East of England.
The highest number of repossession sales in Dec 2023 was in the London and North West.
| Repossession sales | Dec 2023 |
|---|---|
| East Midlands | 4 |
| East of England | 2 |
| London | 9 |
| North East | 13 |
| North West | 16 |
| South East | 8 |
| South West | 0 |
| West Midlands | 8 |
| Yorkshire and the Humber | 6 |
| England | 66 |
Average price by property type for England
| Property type | Feb 2024 | Feb 2023 | Difference % |
|---|---|---|---|
| Detached | £460,000 | £463,000 | -0.5 |
| Semi-detached | £288,000 | £288,000 | 0.2 |
| Terraced | £244,000 | £248,000 | -1.7 |
| Flat/maisonette | £246,000 | £253,000 | -2.8 |
| All | £298,000 | £301,000 | -1.1 |
Funding and buyer status for England
| Transaction type | Average price Feb 2024 | Annual price change % since Feb 2023 | Monthly price change % since Jan 2024 |
|---|---|---|---|
| Cash | £279,000 | -1.3 | 0.4 |
| Mortgage | £307,000 | -1 | 0.7 |
| First-time buyer | £249,000 | -1 | 0.9 |
| Former owner occupier | £339,000 | -1.2 | 0.3 |
Building status for England
| Building status* | Average price Dec 2023 | Annual price change % since Dec 2022 | Monthly price change % since Nov 2023 |
|---|---|---|---|
| New build | £406,000 | 16 | -1.3 |
| Existing resold property | £295,000 | -3 | -0.5 |
*Figures for the 2 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 fell by 0.7% since December 2023. An annual price fall of -4.8% takes the average property value to £503,000.
Average price by property type for London
| Property type | Feb 2024 | Feb 2023 | Difference % |
|---|---|---|---|
| Detached | £1,010,000 | £1,065,000 | -5.2 |
| Semi-detached | £660,000 | £683,000 | -3.4 |
| Terraced | £544,000 | £573,000 | -5.1 |
| Flat/maisonette | £418,000 | £440,000 | -4.9 |
| All | £503,000 | £538,000 | -4.8 |
Funding and buyer status for London
| Transaction type | Average price Feb 2024 | Annual price change % since Feb 2023 | Monthly price change % since Jan 2024 |
|---|---|---|---|
| Cash | £515,000 | -5.9 | -0.7 |
| Mortgage | £498,000 | -4.5 | -0.7 |
| First-time buyer | £435,000 | -4.5 | -0.4 |
| Former owner occupier | £575,000 | -5.2 | -1.2 |
Building status for London
| Building status* | Average price Dec 2023 | Annual price change % since Dec 2022 | Monthly price change % since Nov 2023 |
|---|---|---|---|
| New build | £557,000 | 11.6 | -0.7 |
| Existing resold property | £516,000 | -4.2 | 0.1 |
*Figures for the 2 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 rose by 0.4% since January 2024. An annual price fall of 1.2% takes the average property value to £211,000.
There were 7 repossession sales for Wales in December 2023.
Average price by property type for Wales
| Property type | Feb 2024 | Feb 2023 | Difference % |
|---|---|---|---|
| Detached | £319,000 | £321,000 | -0.6 |
| Semi-detached | £206,000 | £207,000 | -0.4 |
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Channel website: https://www.gov.uk/government/organisations/land-registry
Original article link: https://www.gov.uk/government/news/uk-house-price-index-for-february-2024 Share this article
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