Average home prices in UK

Average Cost of a House in the UK Revealed

Written by Owain Banfield
Written by Owain Banfield
17th October 2017

Exploring the latest average house price figures

Here, house removal and property experts Compare My Move look at the very latest housing figures released by the Office for National Statistics for August, revealing trends and growth in regions throughout the UK.

We believe that when it comes to buying your dream home, knowledge and preparation is key. So keep up to date with the latest housing trends by reading below, and make an informed choice when the time comes.


Housing trends across the UK

The latest UK House Price Index was released today (17th October 2017) and reveals the average house price of a UK property in August was £225,956. This is an annual increase of 5% compared to August 2016, and a monthly increase of 0.5% on June 2017.

For first time buyers, the average price paid in August was £190,792, an annual increase of 4.9%. For former owners, the average was £262,156, an annual increase of 5.3%. Scotland is revealed as the cheapest country for first time buyers to get on the property ladder, with first houses costing on average £120,824 in August.

The area of Blaenau Gwent in South Wales still retains the crown of cheapest place to buy a house in the UK, with an average house price of £81,988. The county continues to grow healthily, with an annual price increase of 4.6% compared to last year.

Regionally, North West England saw the biggest annual cost change of 6.5%, with an average price of £159,865 in August. 

Much like last month, bottom for the regions for annual growth was London with 2.6% annual change, although house prices are still the most expensive in the UK in London, with an average of £484,362.

Find below a break-down of average house price and growth, region by region.


England: Continuing to prosper as London stalls

In August the average house price in England was £243,520, an annual increase of 5.3%, and a monthly growth of 0.7%.

Much like last month, the cheapest place to buy a house in England was Burnley, which had an average house price of £82,515 in August. Prices continue to increase steadily in Burnley, as average costs are up 5.8% on the previous year.

The royal borough of Kensington and Chelsea still tops England and the UK as the most expensive area to live, with an eye-watering average house price of £1,188,221 in August.

Interestingly, this is an annual difference of -1.5%, further signs that London house prices are slowing or stalling.

London remained as the most expensive area in England and the UK for first time buyers: the average first house in the capital cost £423,224 in August. To put this into perspective, it is more than double the average price for first time buyers across England, which was £204,163.

North East England was the cheapest region for both first time buyers and previous home-owners, with the average cost in August being £112,319 and £148,711 respectively. 

Check out below the top areas for annual growth and prices in England:

TOP 10 AREAS IN ENGLAND
AreaAugust 2017August 2016Difference

Kensington And Chelsea

£1,188,221

£1,206,796

-1.50%

City of Westminster

£962,510

£986,755

-2.50%

Camden

£869,621

£769,499

13.00%

City of London

£800,802

£848,256

-5.60%

Hammersmith and Fulham

£794,914

£749,865

6.00%

Richmond upon Thames

£686,862

£670,082

2.50%

Islington

£675,647

£657,812

2.70%

South Bucks

£638,119

£618,423

3.20%

Wandsworth

£637,368

£609,794

4.50%

Elmbridge

£595,373

£603,412

-1.30%


TOP 10 AREAS IN ENGLAND FOR ANNUAL GROWTH
AreaAugust 2017August 2016Difference

Wellingborough

£214,986

£186,480

15.30%

Hinckley and Bosworth

£213,284

£185,134

15.20%

Camden

£869,621

£769,499

13.00%

Fylde

£204,969

£181,534

12.90%

Stratford-on-Avon

£326,877

£290,934

12.40%

West Somerset

£226,597

£201,919

12.20%

Mid Suffolk

£271,618

£242,145

12.20%

Torridge

£235,286

£209,825

12.10%

East Northamptonshire

£231,747

£207,360

11.80%

Stroud

£279,534

£250,153

11.70%



Wales: Low cost property grows steadily

The average cost for a house in Wales in August was £150,258, an annual increase of 3.4%. This figure was a change of -0.1% compared to the previous month, a sign that things might be slowing down in August.

The county of Monmouthshire continues to be the most expensive place to buy a house in Wales, with an average price of £227,293. The county is seeing ever-steady growth, with an annual increase of 2.3%.

Blaenau Gwent remained the cheapest place to buy a house in Wales and the UK, with an average price of £81,988. Although still cheap, the county continues to grow with an annual increase of 4.6%.

It cost first time buyers £129,456 to buy a house in Wales on average in August, an annual change of 2.7%. Likewise, it cost former owners £174,605 on average to buy a house in Wales, an annual change of 4%.

Find below the top 10 areas for average house prices and annual house price growth in Wales:

TOP 10 AREAS IN WALES
AreaAugust 2017August 2016Difference

Monmouthshire

£227,293

£222,086

2.30%

Vale of Glamorgan

£207,463

£207,675

-0.10%

Cardiff

£196,625

£191,836

2.50%

Ceredigion

£177,548

£173,297

2.50%

Powys

£176,216

£168,288

4.70%

Flintshire

£162,291

£157,097

3.30%

Isle of Anglesey

£158,685

£155,494

2.10%

Pembrokeshire

£164,798

£154,160

6.90%

Newport

£157,343

£152,044

3.50%

Wrexham

£150,615

£148,627

1.30%


 TOP 10 AREAS IN WALES FOR ANNUAL GROWTH
AreaAugust 2017August 2016Difference

Gwynedd

£154,915

£142,866

8.40%

Bridgend

£148,930

£137,384

8.40%

Conwy

£159,398

£148,207

7.60%

Torfaen

£134,792

£125,310

7.60%

Caerphilly

£130,238

£121,212

7.40%

Pembrokeshire

£164,798

£154,160

6.90%

Powys

£176,216

£168,288

4.70%

Blaenau Gwent

£81,988

£78,357

4.60%

Newport

£157,343

£152,044

3.50%

Flintshire

£162,291

£157,097

3.30%



Scotland: Home for the savvy first time buyers

The average cost of a house in August in Scotland was £146,354 in August, an annual increase of 3.9%, although this is a change of -0.7% on the previous month.

The area of Na h-Eileanan Siar has been crowned the cheapest place to buy a house in Scotland in August, with an average house price of £94,766, an annual difference of -1.7%.

The City of Edinburgh once again tops the areas in Scotland for most expensive houses, with an average price of £246,611 in August. This is a substantial annual change of 10.4% on last year. The Shetland Islands however top the area in Scotland for biggest annual growth, with prices increasing 13.7% over the last year to an average of £162,836.

Across Scotland in August, first time buyers spent an average of £120,824 on their first houses, an annual change of 6.2%. This placed Scotland as the cheapest country for first time buyers, music to the ears of many who have been contemplating a move north.

In contrast, previous owners paid an average of £171,611 in August, an annual change of 1.5%.

Find below the top 10 areas for average house prices and annual house price growth in Scotland.

TOP 10 AREAS IN SCOTLAND
AreaAugust 2017August 2016Difference

City of Edinburgh

£246,611

£223,283

10.40%

East Renfrewshire

£219,436

£216,389

1.40%

East Lothian

£212,320

£203,323

4.40%

East Dunbartonshire

£202,814

£196,712

3.10%

Aberdeenshire

£188,876

£200,265

-5.70%

Stirling

£182,879

£176,134

3.80%

Perth and Kinross

£179,434

£178,136

0.70%

Midlothian

£172,351

£159,317

8.20%

City of Aberdeen

£167,903

£176,389

-4.80%

Shetland Islands

£162,836

£143,158

13.70%


 TOP 10 AREAS IN SCOTLAND FOR ANNUAL GROWTH
AreaAugust 2017August 2016Difference

Shetland Islands

£162,836

£143,158

13.70%

City of Edinburgh

£246,611

£223,283

10.40%

Midlothian

£172,351

£159,317

8.20%

Clackmannanshire

£124,757

£115,626

7.90%

East Ayrshire

£97,335

£91,560

6.30%

Renfrewshire

£122,549

£115,428

6.20%

Dumfries and Galloway

£124,154

£117,214

5.90%

Scottish Borders

£152,533

£144,209

5.80%

West Lothian

£150,426

£142,143

5.80%

City of Dundee

£125,847

£119,116

5.70%


Compare and save

After all your hard work researching house prices and trends ahead of the purchase of your dream house, you shouldn't have to worry about the cost of moving house. Compare My Move can help you save money when it's most needed, and connect you with up to 6 local and professional removal companies for competitive quotes. 

Join thousands of movers who have saved up to 70% on their removal costs by filling in a quick and easy form.

And to help you through the moving process, read up on our house moving guides and other housing articles.

Last updated on Tuesday 17th October 2017

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