Average house prices are affected by several factors: Economic growth, unemployment, interest rates and mortgage availability can all affect average prices. A shortage of supply means that the need for housing and, therefore, competitive market created will push up house prices, whereas an excess of housing means prices fall to stimulate buyers.
Location, location, location
In December 2023, the average house price in England was more expensive than in any other country. This huge disparity in average house prices is in no small part down to the country's capital city, where the average asking price was more than double that of the UK’s average. Even in London, for those who can afford a mortgage, the savings made through buying over renting can be beneficial.
House prices still set to grow
In 2024, the number of housing transactions in the UK is set to fall to 1.1 million. With the expected decline in transactions, the average house price is also set to stagnate across the UK.
Average house price in the United Kingdom (UK) from 1995 to 2023, by country
(in GBP)
Characteristic
England
Northern Ireland
Scotland
Wales
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Office for National Statistics (UK). (February 14, 2024). Average house price in the United Kingdom (UK) from 1995 to 2023, by country (in GBP) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/751694/average-house-price-in-the-uk-by-country/
Office for National Statistics (UK). "Average house price in the United Kingdom (UK) from 1995 to 2023, by country (in GBP)." Chart. February 14, 2024. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/751694/average-house-price-in-the-uk-by-country/
Office for National Statistics (UK). (2024). Average house price in the United Kingdom (UK) from 1995 to 2023, by country (in GBP). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/751694/average-house-price-in-the-uk-by-country/
Office for National Statistics (UK). "Average House Price in The United Kingdom (Uk) from 1995 to 2023, by Country (in Gbp)." Statista, Statista Inc., 14 Feb 2024, https://www.statista.com/statistics/751694/average-house-price-in-the-uk-by-country/
Office for National Statistics (UK), Average house price in the United Kingdom (UK) from 1995 to 2023, by country (in GBP) Statista, https://www.statista.com/statistics/751694/average-house-price-in-the-uk-by-country/ (last visited July 22, 2024)
Average house price in the United Kingdom (UK) from 1995 to 2023, by country (in GBP) [Graph], Office for National Statistics (UK), February 14, 2024. [Online]. Available: https://www.statista.com/statistics/751694/average-house-price-in-the-uk-by-country/