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The UK House Price Index replaced this release in June 2016.[3] Historically, HM Land Registry also published a separate house price index calculated by Calnea Analytics. It used the HM Land Registry’s data, which consists of the transaction records of all residential property sales in England and Wales. It uses Repeat Sales Regression.
The typical UK house price in December 2023 was £287,105, up from £282,305 in the same month a year earlier, Halifax said.
Domestic real estate represented the largest non-financial asset in the UK, with a net worth of £5.1trillion (2014). [3] Foreign investment plays a substantial role in the UK's real estate market, particularly in London, and foreign companies and individuals invested around £20billion in UK real estate in 2012. [4] [needs update]
Across the UK, property values jumped for the second month in a row, rising by 0.5% in November, or £1,394 in cash terms.
The consequence of this is seen in the high price for top-end dwellings. The most expensive home ever sold in the UK was 2–8a Rutland Gate, Hyde Park, which sold for £280 million in 2015. [62] The most expensive street in the UK is Kensington Palace Gardens, London, where the average price of a home is approximately £42 million. [63]
House prices have fallen annually as private rental prices have increased at a record pace, according to Office for National Statistics figures.
The UK property market boomed for the seven years up to 2008, and in some areas property trebled in value over that period. The increase in property prices had a number of causes: low interest rates, credit growth, economic growth, rapid growth in buy-to-let property investment , foreign property investment in London and planning restrictions ...
Average prices were 2.4% higher year-on-year, up from 2.1% in July and the fastest pace since December 2022, the building society said.