GovWire

Press release: UK House Price Index for February 2024

Land Registry

April 16
23:00 2024

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

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Property type Feb 2024 Feb 2023 Difference %
Detached 319,000 321,000 -0.6
Semi-detached 206,000 207,000 -0.4
Terraced 164,000 168,000 -2.5
Flat/maisonette 137,000 139,000
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