HM Land Registry
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UK House Price Index for January 2024
The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.
UK House Price Index for January 2024
The January 2024 data shows:
- on average, house prices have risen 0.5% since December 2023
- there has been an annual price fall of -0.6% which makes the average property in the UK valued at £282,000
England
In England, the January 2024 Data shows on average, house prices have risen by 0.4% since December 2023. The annual price fall of -1.5% takes the average property value to £299,000.
The regional data for England indicates that:
- The North East experienced the most significant monthly decrease with a movement of -1.7%
- London saw the greatest monthly price growth, with a rise of 2.5%
- the North West experienced the greatest annual price rise, up by 1.0%
- London saw the lowest annual price growth, with a fall of -3.9%
Price change by region for England
| Region | Average price Jan 2024 | Annual change % since Jan 2023 | Monthly change % since Dec 2023 |
|---|---|---|---|
| East Midlands | £240,000 | -1.9 | -1.4 |
| East of England | £337,000 | -2.2 | 1.2 |
| London | £518,000 | -3.9 | 2.5 |
| North East | £155,000 | -3.1 | -1.7 |
| North West | £215,000 | 1.0 | -0.6 |
| South East | £373,000 | -3.1 | 0.6 |
| South West | £317,000 | -0.6 | 1.5 |
| West Midlands | £249,000 | 0.6 | 0.6 |
| Yorkshire and the Humber | £204,000 | -0.7 | -0.7 |
Repossession sales by volume for England
The lowest number of repossession sales in November 2023 was in the East of England.
The highest number of repossession sales in November 2023 was in the London and North West.
| Repossession sales | November 2023 |
|---|---|
| East Midlands | 0 |
| East of England | 2 |
| London | 18 |
| North East | 12 |
| North West | 13 |
| South East | 4 |
| South West | 4 |
| West Midlands | 7 |
| Yorkshire and the Humber | 7 |
| England | 67 |
Average price by property type for England
| Property type | Jan 2024 | Jan 2023 | Difference % |
|---|---|---|---|
| Detached | £463,000 | £465,000 | -0.6 |
| Semi-detached | £288,000 | £290,000 | -0.7 |
| Terraced | £244,000 | £250,000 | -2.1 |
| Flat/maisonette | £248,000 | £255,000 | -2.9 |
| All | £299,000 | £303,000 | -1.5 |
Funding and buyer status for England
| Transaction type | Average price | ||
|---|---|---|---|
| Jan 2024 | Annual price change % since Jan 2023 | Monthly price change % since Dec 2023 | |
| Cash | £281,000 | -1.7 | 0.4 |
| Mortgage | £308,000 | -1.4 | 0.4 |
| First-time buyer | £249,000 | -1.8 | -0.3 |
| Former owner occupier | £341,000 | -1.3 | 1.1 |
Building status for England
| Building status* | Average price | ||
|---|---|---|---|
| November 2023 | Annual price change % since November 2023 | Monthly price change % since Oct 2023 | |
| New build | £422,000 | 16.3 | 8.9 |
| Existing resold property | £298,000 | -2.7 | -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 have risen by 2.5% since December 2023. An annual price fall of -3.9% takes the average property value to £518,000.
Average price by property type for London
| Property type | Jan 2024 | Jan 2023 | Difference % |
|---|---|---|---|
| Detached | £1,035,000 | £1,082,000 | -4.3 |
| Semi-detached | £671,000 | £694,000 | -3.3 |
| Terraced | £561,000 | £584,000 | -3.9 |
| Flat/maisonette | £433,000 | £451,000 | -4.0 |
| All | £518,000 | £539,000 | -3.9 |
Funding and buyer status for London
| Transaction type | Average price | ||
|---|---|---|---|
| Jan 2024 | Annual price change % since Jan 2023 | Monthly price change % since Dec 2023 | |
| Cash | £535,000 | -4.6 | 3.2 |
| Mortgage | £512,000 | -3.7 | 2.3 |
| First-time buyer | £446,000 | -4.1 | 1.7 |
| Former owner occupier | £596,000 | -3.5 | 3.6 |
Building status for London
| Building status* | Average price | ||
|---|---|---|---|
| November 2023 | Annual price change % since November 2023 | Monthly price change % since Oct 2023 | |
| New build | £573,000 | 11.0 | 8.5 |
| Existing resold property | £519,000 | -4.4 | -0.8 |
*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 have fallen by -0.1% since December 2023. An annual price fall of -0.8% takes the average property value to £213,000
There were 2 repossession sales for Wales in November 2023.
Average price by property type for Wales
| Property type | Jan 2024 | Jan
Channel website: https://www.gov.uk/government/organisations/land-registry
Original article link: https://www.gov.uk/government/news/uk-house-price-index-for-january-2024 Share this article
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