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.
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.
The data is accurate. However, this release may be subject to increased revisions as we add more data over the coming months.
Background
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We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the April 2022 UK HPI at 9:30am on Wednesday 22 June 2022. See calendar of release dates.
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We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month's UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
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The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
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Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
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Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI f
