UK House Price Index March 2021
As things start to return to some sort of normality after the peak of the Coronavirus pandemic and UK-wide lockdowns, it was always going to be interesting to see the latest House Prices Index (HPI) data from the HM Land Registry. Some of the data isn’t as complete as it normally would be, but figures released give a fairly accurate picture of the state of the market.
March data showed that on average, house prices rose 1.8% since February 2021 and there has been an annual price rise of 10.2%, making the price of an average property in the UK £256,405.
In England, house prices rose 1.7% between February 2021 and March 2021 and rose 10.2% annually taking the average property value in England to £274,615. Regional data for England indicates that:
· Yorkshire and the Humber experienced the greatest monthly price rise, up by 3.4%
· the South East saw the lowest monthly price growth with a fall of 0.9%
· Yorkshire and the Humber experienced the greatest annual price rise, up by 14%
· London saw the lowest annual price growth, with a rise of 3.7%
In London, house prices rose 1.0% between February 2021 and March 2021 and rose 3.7% annually taking the average property value in the capital to £500,310.
In Wales, house prices rose 3.1% between February 2021 and March 2021 and rose 11% annually taking the average property value to £185,431.
The lowest number of repossession sales in January 2021 was in the East of England and the South West; the highest number of repossession sales in January 2021 was in the North West.
The UK Property Transactions Statistics showed that in March 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 190,980. This is 102.4% higher than a year ago. Between February and March 2021, UK transactions increased by 32.2% on a seasonally adjusted basis.
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