London house prices drop as UK average hits record high
The average price for a home in the capital stood at £507,000 in September
The average price for a property in London was £507,253 in September 2021, according to the latest index by the Office for National Statistics (ONS). This is down £15,112 (2.9%) from the August average of £522,365, the “highest on record”.
While London remains the most expensive of any region in the UK, it also continues to be the region with the lowest annual growth for the tenth consecutive month.
Average prices increased by 2.8% over the year to September, down from 6.7% in August. “This represents the lowest annual growth in London since July 2020,” the ONS said.
Average price by property type for London
| Property type | September 2021 | September 2020 | Difference % |
| Detached | £1,035,215 | £941,153 | 10% |
| Semi-detached | £658,301 | £609,487 | 8% |
| Terraced | £554,568 | £525,821 | 5.5% |
| Flat/maisonette | £422,054 | £425,218 | -0.7% |
| Overall | £507,253 | £493,205 | 2.8% |
Source: Gov.UK
UK average hits record high
Across the UK average house prices increased by 11.8% over the year to September 2021, up from 10.2% in August. The average UK house price was at a record high of £269,945 in September, which is £28,000 higher than this time last year.
Average house prices increased over the year in England to £287,895 (11.5%), in Wales to £196,216 (15.4%), in Scotland to £180,334 (12.3%) and in Northern Ireland to £159,109 (10.7%).
