UK House Price Index for March 2022

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

The March data shows:

• on average, house prices have risen 0.3% since February 2022
• there has been an annual price rise of 9.8% which makes the average property in the UK valued at £278,436

England

In England the March data shows, on average, house prices have risen by 0.3% since February 2022. The annual price rise of 9.9% takes the average property value to £297,524.

The regional data for England indicates that:

• the East Midlands experienced the greatest increase in its average property value over the last 12 months with a movement of 12.4%
• London saw the most significant monthly price fall with a movement of -0.9%
• the East Midlands experienced the greatest monthly growth with an increase of 1.2%
• London saw the lowest annual price growth with an increase of 4.8%

Price change by region for England

Region	Average price March 2022	Annual change % since March 2021	Monthly change % since February 2022
East Midlands	£240,329	12.4	1.2
East of England	£343,900	10.9	-0.8
London	£523,666	4.8	-0.9
North East	£154,913	8.7	1.1
North West	£205,121	9.7	0.4
South East	£384,996	11.7	1.1
South West	£313,834	10.9	0.1
West Midlands	£240,528	10.3	1.1
Yorkshire and the Humber	£199,607	9	-0.2

Repossession sales by volume for England

The lowest number of repossession sales in January 2022 was in the South West.

The highest number of repossession sales in January 2022 were in London, the North East and the North West.

Repossession sales	January 2022
East Midlands	2
East of England	3
London	14
North East	14
North West	14
South East	2
South West	1
West Midlands	3
Yorkshire and the Humber	6
England	59

Average price by property type for England

Property type	March 2022	March 2021	Difference %
Detached	£471,984	£414,769	13.8
Semi-detached	£284,438	£255,740	11.2
Terraced	£241,398	£222,161	8.7
Flat/maisonette	£244,872	£235,204	4.1
All	£297,524	£270,627	9.9

Funding and buyer status for England

Transaction type	Average price March 2022	Annual price change % since March 2021	Monthly price change % since February 2022
Cash	£278,421	9.5	0.1
Mortgage	£307,011	10.1	0.4
First-time buyer	£246,613	9.1	0.2
Former owner occupier	£341,606	10.8	0.4

Building status for England

Building status*	Average price March 2022	Annual price change % since March 2021	Monthly price change % since January 2022
New build	£398,167	19.6	6.2
Existing resold property	£285,861	9	0.7

*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 have fallen by 0.9% since February 2022. An annual price rise of 4.8% takes the average property value to £523,666.

Average price by property type for London

Property type	March 2022	March 2021	Difference %
Detached	£1,069,981	£968,148	10.5
Semi-detached	£676,450	£625,379	8.2
Terraced	£571,963	£538,252	6.3
Flat/maisonette	£435,731	£426,489	2.2
All	£523,666	£499,862	4.8

Funding and buyer status for London

Transaction type	Average price March 2022	Annual price change % since March 2021	Monthly price change % since February 2022
Cash	£542,406	4.8	-1.6
Mortgage	£517,450	4.7	-0.7
First-time buyer	£451,941	4	-1.4
Former owner occupier	£601,785	5.8	-0.3

Building status for London

Building status*	Average price March 2022	Annual price change % since March 2021	Monthly price change % since January 2022
New build	£565,192	9.9	5.5
Existing resold property	£517,559	3.8	0.6

*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 have risen by 0.4% since February 2022. An annual price rise of 11.7% takes the average property value to £206,395.

There were 4 repossession sales for Wales in January 2022.

Average price by property type for Wales

Property type	March 2022	March 2021	Difference %
Detached	£320,539	£279,878	14.5
Semi-detached	£199,786	£178,224	12.1
Terraced	£159,608	£144,838	10.2
Flat/maisonette	£129,412	£123,056	5.2
All	£206,395	£184,807	11.7

Funding and buyer status for Wales

Transaction type	Average price March 2022	Annual price change % since March 2021	Monthly price change %since February 2022
Cash	£199,660	11.1	0.2
Mortgage	£210,314	11.9	0.5
First-time buyer	£177,167	11.1	0.4
Former owner occupier	£240,878	12.4	0.4

Building status for Wales

Building status*	Average price March 2022	Annual price change % since March 2021	Monthly price change % since January 2022
New build	£304,116	25.5	7.6
Existing resold property	£201,129	13.3	0.9

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Access the full UK HPI

UK house prices

UK house prices increased by 9.8% in the year to March 2022, down from 11.3% in February 2022. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.3% between February and March 2022, down from an increase of 1.6% during the same period a year earlier (February and March 2021).

The UK Property Transactions Statistics showed that in March 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 114,650. This is 35.7% lower than a year ago (March 2021). Between February and March 2022, UK transactions increased by 2.6% on a seasonally adjusted basis.

House price growth was strongest in the East Midlands where prices increased by 12.4% in the year to March 2022. The lowest annual growth was in London, where prices increased by 4.8% in the year to March 2022.

See the economic statement.

Source: HM Land Registry