In England the February data shows, on average, house prices have fallen by 0.6% since January 2020. The annual price rise of 0.8% takes the average property value to £246,341.
The regional data for England indicates that:
- the South West experienced the greatest monthly price rise, up by 0.5%
- the East Midlands saw the most significant monthly price fall, down by 1%
- London experienced the greatest annual price rise, up by 2.3%
- the East of England saw the lowest annual price growth, down by 1%
UK house prices
UK house prices increased by 1.1% in the year to February 2020, down from 1.5% in January 2020. On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.6% between January 2020 and February 2020, compared with a fall of 0.3% during the same period a year earlier (January 2019 and February 2019).
The UK Property Transactions Statistics for February 2020 showed that on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 103,870. This is 6% higher than a year ago. Between January 2020 and February 2020, transactions increased by 4.5%.
House price growth was strongest in Wales where prices increased by 3.4% over the year to February 2020, up from 2.5% in January 2020. The highest annual growth within the English regions was in London, where average house prices grew by 2.3%, this was due to a decrease in average house price between January 2019 and February 2019. The lowest, and only negative, annual growth was in the East of England, where prices decreased by 1% over the year to February 2020.
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