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 = £273,762, 0.4% change in the month, 9.6% up in the year. Monthly index (where January 2015 = 100) 143.6
Wales was the region with the strongest house price growth in January, at 13.9% in the year. The lowest was London, at 2.2%.
UK average house price = £278,123, 0.5% in the month, 2.5% up in the quarter, 10.8% in the year. Monthly index (where January 1992 = 100) 479.6
Property prices are now on average £38,709 higher than before the pandemic. The last year alone has seen an average gain of £27,215 – the biggest rise recorded over the 39 year span of the index.
The property market continues to suffer from low supply, particularly of larger properties, which have risen in average price at a rate four times higher than have flats.
National average house asking price = £354,564, 1.7% in the month and 10.4% in the year.
A jump in average house prices has pushed the average home to £354,564 – the highest ever recorded and the first time the figure has gone over £350,000.
Four bedroom homes increased an average £23,619 over the month. Rightmove describes this spring as the “best ever” time to sell due to the high number of buyers to sellers.
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 = £361,767, 1.5% change in the month, 6.9% in the year.
Strong housing demand in the South East has put the region at the top of the house price growth figures, and at the highest level for 14 years. The figures reflect the high demand for properties in more rural areas and the return to work in London.
UK Property Transaction Statistics
The number of residential property transactions over £40,000 in January 2022 was 106,990 – down 10.6% from a year ago and up 5.1% from December 2021.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| January 2022 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £291,560 | 0.1% | 9.4% |
| Northern Ireland (Quarter 4 – 2021) | £159,109 | 3.0% | 10.7% |
| Scotland | £182,786 | 2.2% | 10.8% |
| Wales | £206,251 | 1.3% | 13.9% |
| East Midlands | £235,503 | 1.8% | 11.6% |
| East of England | £341,629 | 1.4% | 11.5% |
| London | £510,102 | -1.8% | 2.2% |
| North East | £150,787 | 1.7% | 8.3% |
| North West | £199,791 | -0.3% | 9.6% |
| South East | £378,311 | 0.5% | 11.1% |
| South West | £307,468 | -1.1% | 10.9% |
| West Midlands | £235,809 | -0.1% | 10.3% |
| Yorkshire and The Humber | £194,525 | -0.2% | 7.3% |
UK HPI Average monthly price by property type
| Property type | January 2022 | January 2021 | Difference |
| Detached | £431,680 | £383,313 | 12.6% |
| Semi-detached | £263,812 | £238,660 | 10.5% |
| Terraced | £221,680 | £203,395 | 9.0% |
| Flat or maisonette | £224,186 | £213,332 | 5.1% |
| All | £273,762 | £249,690 | 9.6% |
Rightmove regional figures
| March 2022 | Average price GBP | Monthly change | Annual change |
| London | £664,400 | 6.3% | -0.4% |
| South East | £473,922 | 3.3% | 12.6% |
| South West | £369,971 | 2.6% | 14.5% |
| East of England | £408,337 | 1.1% | 10.0% |
| West Midlands | £273,100 | 1.8% | 12.6% |
| East Midlands | £275,118 | 2.7% | 13.3% |
| North West | £239,312 | 1.3% | 11.7% |
| Wales | £246,104 | 3.3% | 14.4% |
| Yorkshire & Humberside | £230,935 | 1.2% | 12.4% |
| North East | £175,749 | 3.6% | 10.1% |
LSL Acadata Regional Data
| January 2022 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £695,961 | 1.7% | 8.0% |
| South East | £457,702 | 2.0% | 11.7% |
| South West | £358,483 | 1.3% | 7.2% |
| East of England | £382,683 | 0.5% | 5.3% |
| West Midlands | £284,227 | 0.9% | 8.3% |
| East Midlands | £382,683 | 0.5% | 5.3% |
| North West | £238,630 | 0.5% | 3.3% |
| Wales | £233,919 | 0.9% | 3.3% |
| Yorkshire & Humber | £237,834 | 5.3% | 2.2% |
| North East | £186,807 | 0.8% | 1.2% |
Focus on London
Best and Worst (-) annual performers according to:
| Rightmove March 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Kensington & Chelsea | £1,702,118 | 1.0% | 12.3% |
| Bromley | £610,901 | 0.1% | 11.0% |
| Islington | £762,019 | 2.2% | 2.4% |
| Lambeth | £649,307 | -1.3% | 1.4% |
| LCL Acadata January 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Merton | £866,518 | -0.7% | 28.3% |
| Richmond upon Thames | £1,028,649 | 1.7% | 15.5% |
| Lambeth | £601,539 | -3.9% | -8.0% |
| Newham | £398,687 | -0.2% | -12.7% |
RICS Survey Overview
The RICS Residential Market Survey for February 2022 reported an increase in new buyer enquiries and agreed sales over the month.
Levels of housing stock remain close to historic lows which continues to buoy house price inflation in all regions and in particular Wales, Yorkshire & the Humber and the North West. Increases are expected to continue over the next twelve months.
The demand for lettings is growing and rental growth expectation over the next twelve months is 4.5%, increasing on average 5% over 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