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House prices in February 2021

House price headline statistics for February 2021:

  • The average house price was £250,341
  • The annual price change for a property in the UK was 8.6%
  • The monthly price change for a property in the UK was 0.0%
  • The monthly index figure for the UK was 131.3

House prices

UK house prices increased by 8.6% in the year up to February 2021, up from 8.0% on January 2021. This is the highest annual rate for growth since 2014. On a non-seasonally adjusted basis, average house prices in the UK were unchanged between January and February 2021, compared with a decrease of 0.6% during the same period a year before (January and February 2020).

The North West showed the strongest house price growth. Prices rose by 11.9% in the year to February 2021. London displayed the lowest annual growth, where prices increased by 4.6% in the year to February 2021. This has been supported by anecdotal evidence from the UK Landscape Barometer – participants expressed they have seen an increase of people wanting to move out of the city and into less populated areas with more space.

The UK property transactions statistics revealed that in February 2021 the estimated number of transactions of residential properties with a value of £40,000 or greater was 147,050 – this is 48.5% higher than a year ago. These figures are based on seasonal adjustments and sourced from UK Property Transaction Statistics.

The Bank of England’s Money and Credit February 2021 release reported that mortgage approvals for house purchases in February 2021 was 87,700. While higher than in February 2020, they have fallen from a peak of 103,700 in November 2020.

House price changes

Annual house price changes

Annual house price change for UK by country over the past 5 years

Average house prices in the UK increased by 8.6% in the year to February 2021, up from 8.0% in January 2021.

The largest annual house price growth in the year to February 2021 was recorded in England, where house prices increased by 8.7%.

Next was Wales with an 8.4% increase, Scotland with an 8.0% increase, and lastly Northern Ireland with a 5.3% increase over the year to Quarter 4 (October to December) 2020.

Average price by country and government office region

Price, monthly change and annual change by country and government office region

House price changes by country and government office region

Average house prices in the UK remained static between January and February 2021, compared with a decrease of 0.6% during the same period a year before (Jan and Feb 2020). On a seasonally adjusted basis, average house prices in the UK increased by 0.5 between January and February 2021.

Average price by property type

Average monthly price by property type

Sales volumes

The time between the sale of a property and the registration of this information normally ranges between two weeks and two months – it can take even longer. Therefore, volume figures are not yet reliable for reporting, so they are not included in this report. Published transactions for recent months will rise as later registered transactions are incorporated into the index.

Number of sales volumes by country

Note: The number of property transactions for December 2020 will increase as more transactions are incorporated into the index.

Volume estimates between December 2019 and December 2020

  • England: 16.2%
  • Scotland: 34.7%
  • Wales: 14.8%
  • Northern Ireland (the year to Quarter 4 2020): 22.9%

Volume transactions (non-seasonally adjusted) in year to December 2020

From UK Property Transaction Statistics (HM Revenue & Customs)

  • England: 28.9%
  • Scotland: 35.5%
  • Wales: 25.9%
  • Northern Ireland: 43.7%

Sales volumes for the UK over the past 5 years

Sales volumes for 2016 to 2020 by country: December

Volume estimates between December 2019 and December 2020:

  • UK: 18.3%

Volume transactions (non-seasonally adjusted) in year to October 2020

From UK Property Transaction Statistics (HM Revenue & Customs)

  • UK: 29.6%

Property status for UK

Transactions involving the creation of a new register, such as new builds, are more complex and volume of new build transactions for the most recent two months are not at a reliable level for reporting the breakdown between new build and existing resold property, so they are not included in the report.

New build and existing resold property

Buyer status for Great Britain

First time buyer and former owner occupier

Funding status for Great Britain

Cash and mortgage

Source: https://www.gov.uk/government/statistics/uk-house-price-index-summary-february-2021/uk-house-price-index-summary-february-2021

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