UK House Price Index for February 2022

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

The February data shows:

• on average, house prices have risen 0.5% since January 2022
• there has been an annual price rise of 10.9% which makes the average property in the UK valued at £276,755

England

In England the February data shows, on average, house prices have risen by 0.9% since January 2022. The annual price rise of 10.7% takes the average property value to £295,888.

The regional data for England indicates that:

• the East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 12.5%
• the East Midlands saw the most significant monthly price fall with a movement of -0.4%
• London experienced the greatest monthly growth with an increase of 2.2%
• London saw the lowest annual price growth with an increase of 8.1%

Price change by region for England

Region	Average price February 2022	Annual change % since February 2021	Monthly change % since January 2022
East Midlands	£235,993	10.9	-0.4
East of England	£345,652	12.5	1.3
London	£529,882	8.1	2.2
North East	£152,551	9.4	1.2
North West	£203,538	10.2	1.6
South East	£380,528	12	-0.3
South West	£312,697	12.5	1.2
West Midlands	£237,757	10	0.3
Yorkshire and the Humber	£198,599	9.5	1.2

Repossession sales by volume for England

The lowest number of repossession sales in December 2021 was in the East of England.

The highest number of repossession sales in December 2021 was in the North West.

Repossession sales	December 2021
East Midlands	5
East of England	0
London	5
North East	7
North West	15
South East	7
South West	1
West Midlands	5
Yorkshire and the Humber	6
England	51

Average price by property type for England

Property type	February 2022	February 2021	Difference
Detached	£469,095	£409,913	14.4
Semi-detached	£281,313	£252,729	11.3
Terraced	£238,145	£219,068	8.7
Flat/maisonette	£250,047	£231,972	7.8
All	£295,888	£267,192	10.7

Funding and buyer status for England

Transaction type	Average price February 2022	Annual price change % since February 2021	Monthly price change % since January 2022
Cash	£277,617	10.5	1
Mortgage	£305,032	10.8	0.9
First-time buyer	£245,411	9.9	0.9
Former owner occupier	£339,628	11.6	0.9

Building status for England

Building status*	Average price February 2022	Annual price change % since February 2021	Monthly price change % since January 2022
New build	£377,190	19.6	-0.6
Existing resold property	£284,762	8.5	1.2

*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 risen by 2.2% since January 2022. An annual price rise of 8.1% takes the average property value to £529,882.

Average price by property type for London

Property type	February 2022	February 2021	Difference %
Detached	£1,074,093	£956,499	12.3
Semi-detached	£678,079	£615,085	10.2
Terraced	£564,869	£528,384	6.9
Flat/maisonette	£450,576	£417,610	7.9
All	£529,882	£490,384	8.1

Funding and buyer status for London

Transaction type	Average price February 2022	Annual price change % since February 2021	Monthly price change % since January 2022
Cash	£533,011	9.2	3.1
Mortgage	£522,773	7.8	2
First-time buyer	£458,863	7.5	2.6
Former owner occupier	£606,934	8.9	1.8

Building status for London

Building status*	Average price February 2022	Annual price change % since February 2021	Monthly price change % since January 2022
New build	£538,154	10.7	-1.3
Existing resold property	£518,045	4.1	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.

Wales

Wales shows, on average, house prices have fallen by 0.7% since January 2022. An annual price rise of 14.2% takes the average property value to £205,114.

There was 1 repossession sale for Wales in December 2021.

Average price by property type for Wales

Property type	February 2022	February 2021	Difference %
Detached	£318,093	£272,068	16.9
Semi-detached	£197,867	£173,324	14.2
Terraced	£158,271	£140,338	12.8
Flat/maisonette	£133,301	£120,351	10.8
All	£205,114	£179,554	14.2

Funding and buyer status for Wales

Transaction type	Average price February 2022	Annual price change % since February 2021	Monthly price change % since January 2022
Cash	£198,684	14.1	-1.1
Mortgage	£208,889	14.3	-0.5
First-time buyer	£175,952	13.5	-0.7
Former owner occupier	£239,543	15	-0.6

Building status for Wales

Building status*	Average price January 2022	Annual price change % since January 2021	Monthly price change % since November 2021
New build	£283,667	23.7	-0.1
Existing resold property	£199,044	11.5	2.2

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

UK house prices

UK house prices increased by 10.9% in the year to February 2022, up from 10.2% in January 2022. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.5% between January and February 2022, up from a decrease of 0.04% during the same period a year earlier (January and February 2021).

The UK Property Transactions Statistics showed that in February 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 112,240. This is 20.8% lower than a year ago (February 2021). Between January and February 2022, UK transactions increased by 4.4% on a seasonally adjusted basis.

House price growth was strongest in Wales where prices increased by 14.2% in the year to February 2022. The lowest annual growth was in London, where prices increased by 8.1% in the year to February 2022.

See the economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. The price data feeding into the February 2022 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of COVID-19 took hold.

Access the full UK HPI

Source: HM Land Registry