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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