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Average UK House Prices
According to data by Office for National Statistics, average house prices are continuing to rise, with house prices increasing 12.8% in the year to May 2022. This article looks at the increase in the average UK house price over the years and breaks down which regions are experiencing the highest and lowest annual growth.
Average UK House Price
The average UK house price peaked in May 2022, reaching £283,496. This is a 12.8% increase over the year and a 28.9% increase over 5 years (see figure below). Average house prices in England remain significantly higher than those in Wales, Scotland and Northern Ireland.
Average House Prices by Country (May 2022):
- England: £302,278
- Wales: £212,414
- Scotland: £187,517
- Northern Ireland: £164,590
Annual growth by English region, in the year to May 2022
Whilst London is the most expensive of the regions, it had the lowest annual growth of 8.2%, compared to the South West, which had the largest annual growth of 16.9%.
References
Ons.gov.uk. 2022. UK House Price Index – Office for National Statistics. [online] Available at: <https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/may2022> [Accessed 25 July 2022].
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