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House prices, as measured by the UK House Price Index, increased by 11.8% between September 2020 and September 2021. On a seasonally adjusted basis, average house prices increased by 2.6% between August and September 2021.

House prices grew at different rates across the UK’s countries and regions over the year to September 2021. House prices grew by 16.8% in the North West, 15.4% in Wales and 14.7% in the East Midlands. Growth was slowest in London at 2.8%, the East of England at 9.3% and Northern Ireland at 10.7%.

UK house price index

Bank of England data on the number of mortgages approved to finance house purchases are a leading indicator of house sales. 

Mortgage approvals for house purchases reached a lockdown-related record low in May 2020. Approvals then increased significantly towards the end of 2020, reaching levels last seen in August 2007. They have fallen since. Mortgage approvals in September 2021 were 2% lower than in the previous month and 22% lower than in September 2020.

Mortgage approvals fell from 74,214 in August 2021 to 72,645 in September 2021.

Mortgage approvals

Housing starts and completions fell sharply in Q2 2020 reflecting the coronavirus lockdown. They have risen since.

There were 42,900 house building starts (seasonally adjusted) in England in Q2 2021, a 5% decrease compared with the previous quarter. There were more than twice as many house building starts in Q2 2021, compared with the lockdown low of Q2 2020.

There were 43,660 house building completions (seasonally adjusted) in England in Q2 2021, a 10% decrease compared with the previous quarter. There were more than twice as many house building completions in Q2 2021, compared with the lockdown low of Q2 2020.

Housing starts and completions


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