According to data from the Office for National Statistics (ONS), UK house prices have experienced significant growth over the past decade. Here’s a detailed report on UK house price statistics from 2011 to 2021:
- Overall Trends:
From 2011 to 2021, the average UK house price increased by around 53%, rising from £197,000 in 2011 to £301,000 in 2021. However, the rate of growth has varied across the UK and over time, with some regions experiencing faster price increases than others.
- Regional Trends:
The ONS divides the UK into nine regions, and each region has seen different price trends over the past decade. The London region has seen the fastest price growth, with prices increasing by around 77% from 2011 to 2021. The South East and East of England regions have also seen significant growth, with prices increasing by around 56% and 51%, respectively. Other regions, such as the North East and Northern Ireland, have seen slower growth, with prices increasing by around 19% and 20%, respectively.
- Quarterly Trends:
Quarterly trends show that the UK housing market has been volatile over the past decade, with periods of both growth and decline. In particular, the housing market experienced a significant slowdown in growth after the 2016 Brexit referendum, followed by a rebound in growth from mid-2019 to mid-2020, and then a surge in growth during the COVID-19 pandemic in 2020.
- Factors Influencing House Prices:
A variety of factors can influence UK house prices, including interest rates, government policies, and the state of the economy. For example, the Bank of England’s decision to cut interest rates to historic lows after the 2008 financial crisis helped to stimulate demand for housing and support price growth. In addition, government policies such as Help to Buy and Stamp Duty holidays have also had an impact on the housing market.
In conclusion, UK house prices have seen significant growth over the past decade, with the average price increasing by around 53% from 2011 to 2021. However, the rate of growth has varied across the UK and over time, with some regions experiencing faster growth than others. The housing market has been influenced by a range of factors, and it is likely to continue to be affected by economic and policy changes in the future.
Best Wishes, Susan