Average house price in the United Kingdom (UK) 2007-2020

House prices are affected by multiple factors, such as mortgage rates, supply, and demand on the market. If demand outweighs supply, house prices are likely to increase. 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 157.2 thousand British pounds. Since January 2013, the average house price has been increasing on an almost quarterly basis. As the market stands as of February 2020, the average house price in the UK was 230.3 thousand British pounds. The highest house price change since 2007 was registered between 2013 and 2014, when house prices grew with almost nine percent.

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 for 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.