Average house price in the UK 1995-2023, by country

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.