UK house prices treble in 20 years

UK house prices have more than trebled since the start of the 21st century.

Based on the Land Registry data, the average price of a home in the UK has risen by an incredible 95% in the last 20 years.

In Greater London, the rise has been even more steep, up by 130% since 2004.

According to Land Registry data, the average price of a UK home at the begining of 2004 was £150,633.

By October 2024, the average price of a home sat at £292,059.

Home buyers in London were paying on average £232,422 for a home early in 2004 compared to £526.732 at the end of 2024.

The steep rise in house prices means affordability has fallen, thanks to a growing gap between average earnings and prices.

Average house price in the UK from 2004 to 2024

source: Land Registry house price index

Average house price in London from 2004 to 2024

source: Land Registry house price index

Dame Kate Barker has highlighted in 2024 that most indicators of the housing market's health are now worse than they were two decades ago, with a notable decline in the supply of new social rent homes.

In a letter to the new Housing Minister, Matthew Pennycook MP, Barker urged the government to reinstate the National Housing and Planning Advice Unit as soon as possible to establish a more effective framework for mandatory housing targets.

She also noted in her correspondence that, despite widespread support for her initial report, a recent review by the Home Builders Federation (HBF) revealed that only 11 out of its 36 recommendations have been implemented.

Updated January 2025.