Our monthly Property Surveying summary of property market news, survey data, statistics, trends and information. (All figures below are the most recently available data.)
Data source: Land Registry
UK average house price = £276,755, 0.5% change in the month, 10.9% up in the year. Monthly index (where January 2015 = 100) 145.2
Wales was the region with the strongest annual house price growth in February, at 14.2% in the year. The lowest was London, at 8.1%.
UK average house price = £282,753, 1.4% in the month, 2.3% up in the quarter, 11.0% in the year. Monthly index (where January 1992 = 100) 487.6
Property prices are now on average £43,577 higher than before the pandemic, with the South West seeing the strongest annual house price growth at 14.6%.
House prices are reflecting the type of home buyers now wish to buy, with flats increasing by 10.6% over the last two years and detached properties increasing by 21.3% over the same period.
National average house asking price = £360,101, 1.6% in the month and 9.9% in the year.
For only the second time since 2007, all regions and sectors achieved new record high prices.
Despite the largest three month price increases ever recorded by Rightmove, at £19,082, it is expected that growing economic concerns will slow the rate of house price rises this year.
UK average house price = £265,312, 1.1% change in the month and 14.3% increase in the year
House prices in the UK reached a record high at an average £265,312, an increase of £33,000 (21%) in the last year. Mortgage agreements were up 10% in February from before the pandemic in 2020.
Wales saw the highest house price growth at 15.3% and London the weakest at 7.4%.
Detached properties have increased in price the most, making it difficult for existing home owners to trade up without moving to cheaper regions.
Average England and Wales house price = £370,052, 1.3% change in the month, 8.4% in the year.
The company warns that investors may contribute to demand for “desirable properties”, as inflation rates increase and interest rates are slowly increased.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| February 2022 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £295,888 | 0.9% | 10.7% |
| Northern Ireland (Quarter 4 – 2021) | £159,151 | 0.1% | 7.9% |
| Scotland | £180,822 | -1.7% | 11.7% |
| Wales | £205,114 | -0.7% | 14.2% |
| East Midlands | £235,993 | -0.4% | 10.9% |
| East of England | £345,652 | 1.3% | 12.5% |
| London | £529,551 | 2.2% | 8.1% |
| North East | £152,551 | 1.2% | 9.4% |
| North West | £203,538 | 1.6% | 10.2% |
| South East | £380,528 | -0.3% | 12.0% |
| South West | £312,697 | 1.2% | 12.5% |
| West Midlands | £237,757 | 0.3% | 10.0% |
| Yorkshire and The Humber | £198,599 | 1.2% | 9.5% |
UK HPI Average monthly price by property type
| Property type | February 2022 | February 2021 | Difference |
| Detached | £438,523 | £383,236 | 14.4% |
| Semi-detached | £265,915 | £238,733 | 11.4% |
| Terraced | £222,930 | £204,543 | 9.0% |
| Flat or maisonette | £228,003 | £210,953 | 8.1% |
| All | £276,755 | £249,586 | 10.9% |
Rightmove regional figures
| April 2022 | Average price GBP | Monthly change | Annual change |
| London | £677,110 | 1.9% | 6.6% |
| South East | £479,500 | 1.2% | 10.6% |
| South West | £379,956 | 2.7% | 13.5% |
| East of England | £418,361 | 2.5% | 11.4% |
| West Midlands | £275,846 | 1.0% | 10.7% |
| East Midlands | £280,058 | 1.8% | 12.5% |
| North West | £243,816 | 1.9% | 11.4% |
| Wales | £252,736 | 2.7% | 14.5% |
| Yorkshire & Humberside | £234,978 | 1.8% | 9.8% |
| North East | £180,088 | 2.5% | 11.2% |
LSL Acadata Regional Data
| February 2022 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £698,119 | 1.6% | 6.7% |
| South East | £465,204 | 2.9% | 7.7% |
| South West | £366,863 | 7.3% | 3.0% |
| East of England | £393,049 | 2.9% | 4.3% |
| West Midlands | £280,833 | 3.3% | 4.0% |
| East Midlands | £269,749 | 2.9% | 3.7% |
| North West | £242,575 | 2.3% | 2.0% |
| Wales | £239,441 | 3.8% | 8.9% |
| Yorkshire & Humber | £235,475 | 1.8% | 1.2% |
| North East | £194,709 | 2.7% | 2.2% |
Focus on London
Best and Worst (-) annual performers according to:
| Rightmove March 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Kensington & Chelsea | £1,736,077 | 2.0% | 13.8% |
| Havering | £475,150 | 1.9% | 11.3% |
| Brent | £614,062 | 1.8% | 2.8% |
| Lambeth | £661,069 | 1.8% | 0.7% |
| LCL Acadata February 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Merton | £849,563 | 0.6% | 23.0% |
| Richmond upon Thames | £1,048,242 | 0.9% | 15.9% |
| Newham | £388,929 | -0.4% | -14.9% |
| Tower Hamlets | £530,091 | 0.1% | -16.4% |
RICS Survey Overview
The RICS Residential Market Survey for March 2022 reported a slight increase in new instructions for the first time in twelve months.
The rising cost of living and future interest rate increases have resulted in some caution from surveyors although the housing market is expected to remain stable, with further house price increases expected.
Landlord instructions increased for the first time since July 2020 and tenant demand continues to rise a pace, with rental increases expected to reach 4% in the year and at 5% for the next five years.
Rightmove.co.uk is the UKs leading property website, displaying details of homes for sale or rent to the largest online audience. It is consistently ranked the number one property website in the UK (source: Experian Hitwise). It has around 90% of all properties for sale and at any time displays a stock of over one million properties to buy or rent, worth around £270 billion. The Rightmove.co.uk site attracts over 130 million visits from home movers each month with time on site averaging over one billion minutes per month (Rightmove data, 2017).
LSL Acad E&W HPI is derived from Land Registry (LR) house price data, seasonally and mix adjusted by property type. © Crown copyright material reproduced with the permission of Land Registry. The prices are smoothed to show underlying trends. LSL Acad E&W HPI includes cash purchase prices and is the only index based upon the complete, factual house price data for England & Wales, as opposed to a sample.
UK HPI: Monthly house price inflation, calculated using data from Land Registry, Registers of Scotland and Land and Property Services Northern Ireland. This replaces the previous House Price Indices separately published by Office of National Statistics and Land Registry.
All figures within this article are correct at the time of going to press, and are reproduced in good faith. No responsibility will be taken for any decisions taken based on the information contained herein. Always seek professional advice.
The Monthly Market Fact File is updated monthly on the day of publication.
SH/LCB