GovWire

Press release: UK House Price Index for January 2024

Land Registry

March 20
09:30 2024

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 at282,000

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%
  • Londonsaw 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 havefallen by -0.1% since December 2023. An annual price fall of -0.8% takes the average property value to213,000

There were 2 repossession sales for Wales in November 2023.

Average price by property type for Wales

Property type Jan 2024 Jan 2023 Difference %

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