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House prices, as measured by the UK House Price Index, increased by 8.6% between February 2020 and February 2021. On a seasonally adjusted basis, average house prices increased by 0.5% between January 2021 and February 2021.

House prices grew at different rates across the UK’s countries and regions over the year to February 2021. House prices grew by 11.9% in the North West, 10.9% in Yorkshire & The Humber and 10.6% in the East Midlands. Growth was slowest in London at 4.6% and the East of England at 6.0%. House prices in Northern Ireland grew by 5.3%, but Northern Ireland’s data is for growth in the year to Q4 2020. 

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 are significantly higher that the lockdown-related record low of May 2020. Mortgage approvals in March 2021 were 13% above February 2020, which was the last month to be largely unaffected by the pandemic.

Mortgage approvals fell from 87,385 in February 2021 to 82,735 in March 2021.

Mortgage approvals

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

There were 42,110 house building starts (seasonally adjusted) in England in Q4 2020, a 16% increase compared with the previous quarter, and a 24% increase compared with the same quarter of 2019.

There were 46,950 house building completions (seasonally adjusted) in England in Q4 2020, a 4% increase compared with the previous quarter, and a 6% increase compared with the same quarter of 2019.

Housing starts and completions


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