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House prices drop by 4%

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The newest house price index from the UK government reveals that UK house prices have fallen by 3.7% since June. 

However, average prices for the year are up compared to August 2020, and the average UK house price is now £255,535.

In England, the July data shows on average, house prices have fallen by 4.5% since June 2021. The annual price rise of 7% takes the average property value to £270,973.

Every region of England saw a decline in prices since June, with the South East experiencing the smallest drop of -1.3%, while the North West saw the biggest drop of -7.6%.

Annually, the North East experienced the greatest annual price rise, up by 10.8%, while London saw the lowest annual price growth with a rise of 2.2%.

UK House Prices

UK house prices increased by 8% in the year to July 2021, down from 13.1% in June 2021. On a non-seasonally adjusted basis, average house prices in the UK decreased by 3.7% between June and July 2021, compared with an increase of 0.8% during the same period a year earlier (June and July 2020).

The UK Property Transactions Statistics showed that in July 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 73,740. This is 4.2% higher than a year ago. Between June and July 2021, UK transactions decreased by 62.8% on a seasonally adjusted basis, following a record level of transaction numbers in June 2021.

House price growth was strongest in the North East where prices increased by 10.8% in the year to July 2021. The lowest annual growth was in London, where prices increased by 2.2% in the year to July 2021.

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