The conversation around house prices has been going on for a while. So what do the UK house price statistics tell about the cost of getting on the property ladder?
Latest UK House Price Statistics & Facts
- As of July 2022, the average house price in the UK is £292,118. (UK House Price Index)
- House prices increased by 2% from June 2022 to July 2022. (UK House Price Index)
- Compared to 2021 figures, the average property price increased by 15.5%. (UK House Price Index)
- House prices have increased at an average rate of 4.3% annually since 2011. (Homebuyers)
- One in every 42 homes costs more than £1 million in the UK. (Savills)
- The highest recorded property price rise occurred in 1988, when house prices increased by 25% compared to the previous year. (Sun Life)
- In 2021, detached properties were the most expensive, with an average price of £462,000 in the UK. (Statista)
- Terraced houses were the least expensive, costing, on average, £264,000 in 2021. (Statista)
- The average price spent on a property for first-time buyers stands at £254,140, with a deposit of £53,935, seven times the average salary. (Halifax)
- The average cost of a new house was £1,891 (approximately £69,042 in today’s money) in the 1950s. (Sun Life)
- UK residential transactions in May 2022 stood at 109,210. (HMRC)
- These transactions were 5.1% lower compared to May 2021 but 1.3% higher than in April 2022. (HMRC)
- Transactions of residential properties valued at £40,000 or greater were 54.3% lower in June 2022 compared to July 2021. (The UK Property Transactions Statistics)
Regional UK House Price Statistics
- The average house price in England was £302,000 in England, £212,000 in Wales, £188,000 in Scotland, and £165,000 in Northern Ireland in May 2022. (ONS)
- From May 2021 to May 2022, the average house price increased by 14.4% in Wales, 13.1% in England, 11.2% in Scotland and 10.4% in Northern Ireland. (ONS)
- Annual change per region from 2011 to 2021 was 4.6% for England, 3.8% for Wales, 2.9% for Scotland and 2.6% for Northern Ireland. (Homebuyers)
- The area with the most affordable house prices in the UK is Shildon in County Durham, with an average house price of £80,299 in 2022. (Yopa)
- London has the highest average house price in England. (ONS)
- The average property value in London in June 2022 was £537,920. (UK House Price Index)
- But the capital city had the lowest annual growth at 8.2%. (ONS)
- Nonetheless, London’s house prices have increased the most over 10 years, growing by an average of 5.9% annually since 2011. (Homebuyers)
- The Borough of Barking and Dagenham in London have the most affordable houses, with an average asking price of £356,421. (Yopa)
- The most expensive areas in London are Kensington and Chelsea, with the average property costing £1,624,295 in 2022. (Yopa)
- The city of Aberdeen is the only area where house prices have fallen an average of -0.9% annually since 2011. (Homebuyers)
- There were 37 repossession sales in England in April 2022 and 2 repossession sales in Wales. (UK House Price Index)