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How much the house prices are in your area

This is the highest annual growth rate the UK has seen since August 2007

Claire Miller Laura Hartley

Claire Miller, Laura Hartley

— 13 min read
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How much the house prices are in your area

Across the UK, average house prices increased by 10.2% over the year to March 2021, up from 9.2% in February 2021, according to figures from the Office for National Statistics.

This is the highest annual growth rate the UK has seen since August 2007.

Average house prices rose in England to £275,000 (10.2%), in Wales to £185,000 (11.0%), in Scotland to £167,000 (10.6%) and in Northern Ireland to £149,000 (6.0%).

However, London continues to be the region with the lowest annual growth (3.7%) for the fourth consecutive month.

Early 2020 saw the housing market grind to a halt - as the first lockdown starting in late March closed estate agents and banned viewings.

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House Price Madness - How affordable are houses near you?

House Price Madness - How affordable are houses near you?

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The average house in your neighbourhood costs times the average net household income.
Lenders typically offer 4.5 times income at most.
House Price Madness - How affordable are houses near you?
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Once things reopened, the UK’s average house price growth accelerated rapidly.

The ONS said the pandemic may have caused house buyers to reassess their housing preferences.

The average price of detached properties increased by 11.7% in the year to March 2021, in comparison flats and maisonettes rose by 5.0% over the same period.

Changes in the tax paid on housing transactions may have allowed sellers to request higher prices as the buyers’ overall costs are reduced.

On July 8, 2020, the Chancellor announced a suspension of the tax paid on property purchases with immediate effect in England and Northern Ireland, with similar policies announced in Scotland and Wales later in the month.

In England and Northern Ireland, properties up to the value of £500,000 would incur no tax, while the thresholds for Scotland and Wales were £250,000.

The tax holiday for Scotland ended on March 31, 2021, while it was extended until June 30 2021 in Wales. In England and Northern Ireland, the size of the tax-free threshold will decrease to £250,000 on July 30, until September 30.

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