UK House Prices Stall Over the Year: ONS Data Shows a Flat but Stabilising Market

UK house prices were unchanged year‑on‑year in March, with the average property valued at £268,000, according to the latest figures from the Office for National Statistics (ONS). While monthly prices dipped 0.4%, analysts say the flat performance signals stability rather than weakness, especially as wage growth continues to outpace inflation.

Across the UK, all four nations recorded annual growth, though momentum varied sharply.

Nation-by-Nation Performance

Northern Ireland leads the UK

Northern Ireland saw the strongest annual rise, with prices up 7.4% to £198,015, alongside a 1.5% monthly increase.

Wales and Scotland see moderate gains

• Wales: +2.9% annually to £213,240; +0.6% monthly
• Scotland: +1.6% annually to £186,582; –0.2% monthly

England remains the laggard

England recorded the weakest annual growth at 0.6%, with average prices at £289,946 and a 0.5% monthly decline.

Regional Trends Across England

Monthly price falls were recorded in every English region except the East Midlands, where values rose 0.3%, and the South East, which remained flat.

Largest annual declines

• London: –2.1% to £542,065 (monthly –0.3%)
• North East: –1.2% to £161,629 (monthly –0.9%), a sharp reversal from +3.6% in February

Analysts warn that regions where supply now exceeds demand may see further softening as sellers adjust expectations and accept lower offers.

Property Type Breakdown

Flats and maisonettes under pressure

• –5.3% annually to £188,643

Houses remain more resilient

• Terraced: +0.5% to £228,340
• Semi‑detached: +1.8% to £274,251
• Detached: +1.9% to £438,263

New vs existing homes

• Existing homes: +1.2% annually, –0.2% monthly
• New builds: +0.1% annually, –0.5% monthly

First-Time Buyers vs Former Owners

• First-time buyers: paid 0.7% less than last year, averaging £226,247
• Former owner-occupiers: paid 0.6% more, averaging £329,454

Both groups saw monthly declines.

Market Outlook

Experts say a flat market is healthier than a volatile one, especially as rising wages improve real‑terms affordability. While London’s downturn appears to be easing, other regions may be at the start of a correction as supply-demand imbalances widen.