Accredited official statistics

UK House Price Index summary: March 2024

Published 22 May 2024

1. Headline statistics for March 2024

The average price of a property in the UK was £283,000

The annual price change for a property in the UK was 1.8%

The monthly price change for a property in the UK was 0.7%

The monthly index figure (January 2015 = 100) for the UK was 148.3

Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read Revisions to the UK HPI data.

Next publication of UK HPI

The April 2024 UK HPI will be published at 9.30am on Wednesday 19 June 2024. See the calendar of release dates for more information.

2. Economic statement

Average UK house price annual inflation was 1.8% (provisional estimate) in the 12 months to March 2024, compared with negative 0.2% (revised estimate) in the 12 months to February 2024.

The average UK house price was £283,000 in March 2024 (provisional estimate), which is £5,000 higher than 12 months ago. Average house prices in the 12 months to March 2024 increased in England to £299,000 (1.0%), increased in Wales to £214,000 (1.3%) and increased in Scotland to £192,000 (6.7%). The average house price increased in the year to Q1 (Jan to Mar) 2024 to £178,000 in Northern Ireland (4.0%).

On a non-seasonally adjusted basis, average UK house prices increased by 0.7% between February 2024 and March 2024, compared with a decrease of 1.2% during the same period 12 months ago.

Of English regions, annual house price inflation was highest in Yorkshire and the Humber, where prices increased by 5.0% in the 12 months to March 2024. London was the English region with the lowest annual inflation, where prices decreased by 3.4% in the 12 months to March 2024.

The Royal Institution of Chartered Surveyors’ (RICS’) March 2024 UK Residential Market Survey reported an increase in buyer demand for the third successive month. This is the largest increase in their buyer demand series since February 2022. RICS also reported a fourth consecutive increase in the flow of new listings, while their house price trends suggest a largely stable picture for house prices at the aggregate level.

The Bank of England’s Agents summary of business conditions 2024 Q1 reported that house prices are expected to remain stable or grow modestly over the next few months, and that the reduction in mortgage rates is supporting demand.

HMRC’s UK Property Transactions Statistics showed that in March 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 84,000. This is 6.5% lower than 12 months ago (March 2023). Between February 2024 and March 2024, UK transactions increased by 1.4% on a seasonally adjusted basis.

The Bank of England’s Money and Credit March 2024 release reported that mortgage approvals for house purchases, an indicator of future borrowing, increased to 61,300 in March 2024 from 60,500 in February 2024. This is the highest amount since September 2022.

3. Price changes

3.1 Annual price change

Annual price change for UK by country over the past 5 years

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Average house prices in the UK increased by 1.8% (provisional estimate) in the 12 months to March 2024, up from a decrease of 0.2% (revised estimate) in the 12 months to February 2024.

At the country level, the highest annual house price percentage change in the 12 months to March 2024 was recorded in Scotland, where house prices increased by 6.7%.

England saw average house prices increase by 1.0% in the 12 months to March 2024.

Wales saw average house prices increase by 1.3% in the 12 months to March 2024.

Northern Ireland saw average house prices increase by 4.0% over the 12 months to Quarter 1 (January to March) 2024.

3.2 Average price by country and government office region

Price, monthly change and annual change by country and government office region

Country and government office region	Price	Monthly change	Annual change
England	£299,321	0.5%	1.0%
Northern Ireland (Quarter 1 - 2024)	£178,499	0.4%	4.0%
Scotland	£191,678	2.3%	6.7%
Wales	£213,753	0.9%	1.3%
East Midlands	£242,223	0.3%	1.0%
East of England	£341,979	0.5%	0.8%
London	£499,663	-0.9%	-3.4%
North East	£158,569	-0.4%	3.2%
North West	£216,501	1.1%	3.8%
South East	£373,223	0.3%	-1.3%
South West	£316,262	0.2%	0.5%
West Midlands Region	£246,298	1.4%	2.4%
Yorkshire and The Humber	£209,868	2.2%	5.0%

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Price changes by country and government office region

On a non-seasonally adjusted basis, average house prices in the UK increased by 0.7% between February 2024 and March 2024, compared with a decrease of 1.2% during the same period 12 months ago (February 2023 and March 2023). On a seasonally adjusted basis, average house prices in the UK increased by 1.1% between February 2024 and March 2024.

Note: The Northern Ireland figure represents a 3-month change and is not comparable with the other regions and countries.

3.3 Average price by property type

Average monthly price by property type

Property type	March 2024	March 2023	Difference
Detached	£440,085	£429,319	2.5%
Semi-detached	£275,684	£269,632	2.2%
Terraced	£230,406	£227,464	1.3%
Flat or maisonette	£229,813	£227,628	1.0%
All	£282,776	£277,855	1.8%

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4. Sales volumes

The amount of time between the sale of a property and the registration of this information varies. It typically ranges between 2 weeks and 2 months but can be longer. Volume figures for the most recent 2 months are not yet at a reliable level for reporting, so they are not included in the report. Published transactions for recent months will increase as later registered transactions are incorporated into the index.

Sales volume data is also available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of a new register, such as new builds, are more complex and require more time to process. Read Revisions to the UK HPI data for more information.

In recent periods, the total transaction volumes available to calculate UK HPI estimates for the latest months have been lower than historically (see UK HPI QMI Section 2.2: Accuracy). This has arisen from a combination of total transaction volumes in England and Wales falling over the past year (HMRC has reported a 22% fall in 2023) and a reduction in the proportion of transactions, processed by HM Land Registry, for the first estimate. The sample for the latest estimate is about half of usual volumes. The processing of new build properties has been particularly affected.

The Office for National Statistics and HM Land Registry are working together to resolve this, including seeking a greater balance between processing recently received applications and those that are older to help preserve the quality of UK HPI statistics.

In 2020, we introduced pooling for new build transactions for certain months in England and Wales. In December 2023, we implemented a methodology improvement to the Great Britain model, which increased UK coherence and improved UK HPI statistics quality. From December 2023, HM Land Registry increased UK HPI processing, so the proportion of total transactions processed for the first estimate is expected to increase from 14 February 2024’s release. In March 2024 and April 2024, UK HPI estimates were revised from January 2021 onwards by making use of price data processed outside the UK HPI’s normal 12-month revision period.

UK HPI will now return to the usual 12-month revision period for future releases. In the meantime, users should be aware that revisions may be larger than usual and are advised to note the significantly greater uncertainty around new build prices.

4.1 Sales volumes

Number of sales volumes by country

Comparing the provisional volume estimate for the current month with the revised volume estimate for the corresponding month in the previous year

Country	January 2024	January 2023
England	19,365	45,117
Northern Ireland	1,511	1,556
Scotland	6,047	5,917
Wales	1,041	2,459

Note: Comparing the provisional volume estimate for the current month with the revised 12-month volume estimate.

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Note: The ‘Difference’ column has been removed from this table as the latest month’s data are not yet complete.

Note: The number of property transactions for January 2024 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.

Comparing the provisional UK HPI volume estimate for January 2023 with the provisional UK HPI volume estimate for January 2024, volume transactions decreased by 46.3% in England, increased by 4.4% in Scotland and decreased by 48.0% in Wales. Northern Ireland’s UK HPI volume transactions increased by 5.9% in the year to Quarter 1 2024.

UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that in the 12 months to January 2024, on a non-seasonally adjusted basis, HMRC volume transactions decreased by 12.6% in England, increased by 4.2% in Scotland, decreased by 13.1% in Wales and increased by 0.7% in Northern Ireland.

4.2 Sales volumes for the UK over the past 5 years

Sales volumes for 2020 to 2024 by country: January

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Note: The number of property transactions for January 2024 will increase as more transactions are incorporated into the UK HPI index. See our Revisions Policy for more information.

Comparing the provisional UK HPI volume estimate for January 2023 with the provisional UK HPI volume estimate for January 2024, UK volume transactions decreased by 38.2%.

UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, HMRC volume transactions for the UK decreased by 11.1% in the 12 months to January 2024.

5. Property status for UK

Transactions involving the creation of a new register, such as new builds, are more complex and need more time to process. This means they can take longer to appear in the land registers. The volume of new build transactions for the most recent 2 months are not at a reliable level for reporting the breakdown between new build and existing resold property, so they are not included in the report.

New build and existing resold property

Property status	Average price January 2024	Monthly change	Annual change
New build	£388,789	6.1%	17.0%
Existing resold property	£276,194	-0.3%	-1.8%

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Note: Since the October 2017 release, amendments have been made to our estimation model when calculating our provisional estimate. Find out further information and the impact of this change in the methods used to produce the UK HPI.

6. Buyer status for Great Britain

First time buyer and former owner occupier

For Great Britain only, Northern Ireland data is not available for buyer status.

Type of buyer	Average price March 2024	Monthly change	Annual change
First time buyer	£236,461	0.8%	1.8%
Former owner occupier	£328,831	0.8%	1.6%

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7. Funding status for Great Britain

Cash and mortgage

For Great Britain only, Northern Ireland data is not available for funding status.

Funding status	Average price March 2024	Monthly change	Annual change
Cash	£268,102	0.9%	1.5%
Mortgage	£294,403	0.7%	1.8%

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8. Housing transaction distributions

Between October and December 2023, there were 166,770 property sales.

The most popular price range for:

• England was £175,000 to £199,999 – 8,731 properties were purchased
• Scotland was £125,000 to £149,999 – 2,315 properties were purchased
• Wales was £150,000 to £174,999 – 923 properties were purchased
• Northern Ireland was £150,000 to £174,999 – 750 properties were purchased

The charts below show the distribution of housing transactions for Q4 (October to December) 2023 for countries of the UK. Data for Great Britain is presented in bands of £25,000 up to £10 million, followed by a larger band for over £10 million. Data for Northern Ireland is presented in bands of £25,000 up to £500,000, followed by a larger band for over £500,000.

In line with the UK HPI revisions policy, the number of transactions will increase as more data are incorporated into the index, which would also impact the distributions presented in this analysis.

England housing transactions

Price band	Housing transactions
less than £25,000	28
£25,000 - £49,999	466
£50,000 - £74,999	1,992
£75,000 - £99,999	4,095
£100,000 - £124,999	5,776
£125,000 - £149,999	7,544
£150,000 - £174,999	8,550
£175,000 - £199,999	8,731
£200,000 - £224,999	8,539
£225,000 - £249,999	8,425
£250,000 - £274,999	8,309
£275,000 - £299,999	7,348
£300,000 - £324,999	6,792
£325,000 - £349,999	5,942
£350,000 - £374,999	5,499
£375,000 - £399,999	4,696
£400,000 - £424,999	4,305
£425,000 - £449,999	3,638
£450,000 - £474,999	3,261
£475,000 - £499,999	2,787
£500,000 - £524,999	2,262
£525,000 - £549,999	2,018
£550,000 - £574,999	1,921
£575,000 - £599,999	1,695
£600,000 - £624,999	1,479
£625,000 - £649,999	1,369
£650,000 - £674,999	1,153
£675,000 - £699,999	1,022
£700,000 - £724,999	958
£725,000 - £749,999	809
£750,000 - £774,999	761
£775,000 - £799,999	634
£800,000 - £824,999	598
£825,000 - £849,999	502
£850,000 - £874,999	531
£875,000 - £899,999	433
£900,000 - £924,999	412
£925,000 - £949,999	313
£950,000 - £974,999	362
£975,000 - £999,999	301
£1,000,000 - £1,249,999	1,698
£1,250,000 - £1,499,999	966
£1,500,000 - £1,749,999	551
£1,750,000 - £1,999,999	304
£2,000,000 - £4,999,999	631
£5,000,000 - £9,999,999	80
greater than £10,000,000	15

Scotland housing transactions

Price band	Housing transactions
less than £25,000	65
£25,000 - £49,999	595
£50,000 - £74,999	1,429
£75,000 - £99,999	2,047
£100,000 - £124,999	2,102
£125,000 - £149,999	2,315
£150,000 - £174,999	2,000
£175,000 - £199,999	1,814
£200,000 - £224,999	1,584
£225,000 - £249,999	1,518
£250,000 - £274,999	1,230
£275,000 - £299,999	1,057
£300,000 - £324,999	911
£325,000 - £349,999	755
£350,000 - £374,999	615
£375,000 - £399,999	549
£400,000 - £424,999	412
£425,000 - £449,999	337
£450,000 - £474,999	252
£475,000 - £499,999	208
£500,000 - £524,999	153
£525,000 - £549,999	135
£550,000 - £574,999	121
£575,000 - £599,999	97
£600,000 - £624,999	81
£625,000 - £649,999	80
£650,000 - £674,999	68
£675,000 - £699,999	48
£700,000 - £724,999	46
£725,000 - £749,999	33
£750,000 - £774,999	37
£775,000 - £799,999	24
£800,000 - £824,999	23
£825,000 - £849,999	18
£850,000 - £874,999	20
£875,000 - £899,999	17
£900,000 - £924,999	13
£925,000 - £949,999	15
£950,000 - £974,999	8
£975,000 - £999,999	9
£1,000,000 - £1,249,999	55
£1,250,000 - £1,499,999	25
£1,500,000 - £1,749,999	13
£1,750,000 - £1,999,999	5
£2,000,000 - £4,999,999	13

Wales housing transactions

Price band	Housing transactions
less than £25,000	2
£25,000 - £49,999	24
£50,000 - £74,999	167
£75,000 - £99,999	460
£100,000 - £124,999	662
£125,000 - £149,999	858
£150,000 - £174,999	923
£175,000 - £199,999	811
£200,000 - £224,999	584
£225,000 - £249,999	585
£250,000 - £274,999	447
£275,000 - £299,999	438
£300,000 - £324,999	287
£325,000 - £349,999	279
£350,000 - £374,999	200
£375,000 - £399,999	178
£400,000 - £424,999	127
£425,000 - £449,999	96
£450,000 - £474,999	88
£475,000 - £499,999	68
£500,000 - £524,999	46
£525,000 - £549,999	46
£550,000 - £574,999	40
£575,000 - £599,999	45
£600,000 - £624,999	27
£625,000 - £649,999	28
£650,000 - £674,999	23
£675,000 - £699,999	22
£700,000 - £724,999	21
£725,000 - £749,999	7
£750,000 - £774,999	11
£775,000 - £799,999	10
£800,000 - £824,999	5
£825,000 - £849,999	5
£850,000 - £874,999	9
£875,000 - £899,999	2
£900,000 - £924,999	5
£925,000 - £949,999	3
£950,000 - £974,999	3
£975,000 - £999,999	2
£1,000,000 - £1,249,999	15
£1,250,000 - £1,499,999	4
£1,500,000 - £1,749,999	1
£1,750,000 - £1,999,999	1
£2,000,000 - £4,999,999	4

Northern Ireland housing transactions

Price band	Housing transactions
less than £25,000	6
£25,000 - £49,999	64
£50,000 - £74,999	296
£75,000 - £99,999	610
£100,000 - £124,999	677
£125,000 - £149,999	700
£150,000 - £174,999	750
£175,000 - £199,999	651
£200,000 - £224,999	431
£225,000 - £249,999	338
£250,000 - £274,999	256
£275,000 - £299,999	189
£300,000 - £324,999	152
£325,000 - £349,999	112
£350,000 - £374,999	70
£375,000 - £399,999	84
£400,000 - £424,999	51
£425,000 - £449,999	26
£450,000 - £474,999	29
£475,000 - £499,999	27
greater than £500,000	129

9. Access the data

Download the data as CSV files or access it with our UK HPI tool.

Data revisions

View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI.

10. About the UK House Price Index

The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.

Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.

Find out more about the UK House Price Index.

A key determinant of house prices is the demographic characteristics of the area in which the property is located. The UK HPI uses the socio-demographic classification, known as Acorn, in the hedonic regression model to measure the affluence of the area.

Prior to 20 December 2023’s publication, property transactions in Great Britain were excluded from the regression model if their Acorn classification was missing. From 20 December 2023’s publication, these properties are included in the regression model from January 2023’s data onwards, but are given less weight in the calculations, as described above. This methodology improvement aligns how transactions with missing Acorn classification are used in the Great Britain model and Northern Ireland model, increasing coherence across the UK and improving the quality of UK HPI statistics.

11. Contact

Eileen Morrison, Data Services Team Leader, HM Land Registry

Email eileen.morrison@landregistry.gov.uk

Telephone 0300 006 5288

Aimee North, Head of Housing Market Indices, Office for National Statistics

Email aimee.north@ons.gov.uk

Telephone 01633 456400

Ciara Cunningham, Statistician for the Northern Ireland HPI

Email ciara.cunningham@finance-ni.gov.uk

Telephone 028 90 336035

Anne MacDonald, Land & Property Data Team, Registers of Scotland

Email Anne.MacDonald@ros.gov.uk

Telephone 0131 378 4991