Average house price in the UK 2007-2022

House prices are affected by multiple factors, such as mortgage rates, supply, and demand on the market. If demand outweighs supply, house prices tend to go up. The United Kingdom (UK) has some of the highest average house prices in Europe.

Cost of housing

The beginning of 2009 saw the lowest prices for houses in the UK with an average of 157,200 British pounds. Since January 2013, the average house price has been steadily increasing. As the market stands as of January 2022, the average house price was approximately 274,000 British pounds, up from 250,000 British pounds a year ago. This was some of the highest house price change registered.

Cost of renting

For those who do not own or are currently purchasing a home with a mortgage, an alternative to home buying is renting, something which is particularly prevalent in big cities, where demand for affordable residential real estate is high. In recent years, the UK’s residential property market has been marked by growing house price to rent ratio, making renting the more affordable of the two options. More in-depth information on the topic can be found in the Statista dossier about home purchases in the UK and Statista dossier on real estate in the UK.