The median property price in England and Wales was £277,500 for the year ending March 2024, according to the latest figures. This remains stable compared to the previous period but shows a slight decrease from £282,317 in the same period in 2023, based on data from the Office for National Statistics (ONS).
In England, the median price was £284,000, while in Wales, it was £195,000. This represents a slight increase from £283,000 and £194,000, respectively.
Regionally, London had the highest median price at £527,000, up from £525,000 in the prior period. The South East followed with a median price of £372,500, down from £375,000, and the East of England held steady at £330,000.
The North East recorded the lowest median price at £151,000, a slight increase from £150,000, while Yorkshire and the Humber had a median price of £192,000, rising from £190,000.
Detached houses continue to be the most expensive type of property in England and Wales. In the year ending March 2024, the median price for a detached house was £425,000, which is consistent with the previous period. This price tag highlights the premium attached to owning this kind of property, often seen as a symbol of space and privacy. Detached houses tend to be larger, with more land and less proximity to neighbours, making them highly desirable, particularly for families seeking more room.
In England, detached properties averaged £430,000, marking a slight drop from £435,000 recorded in the prior period. This marginal decrease might reflect broader market trends, such as a slight cooling in property demand or increased supply in certain areas. Despite this small decline, detached houses in England remain a popular choice for homebuyers who value extra space and privacy. The trend in Wales, however, is similar, with the average cost of a detached house at £315,000, a decrease from £320,000. This drop indicates that property prices for detached homes in Wales are slightly more volatile compared to England.
Semi-detached homes, which offer a balance between affordability and space, had a median price of £262,500 across England and Wales, showing a slight reduction from £263,000. Semi-detached houses are a popular choice among first-time buyers and growing families, providing more space than terraced houses while remaining relatively affordable. These homes are often found in suburban areas and offer a middle ground between detached homes and smaller properties like terraced houses or flats.
Looking at the figures in England, semi-detached houses averaged £269,300, a small increase from £269,000 in the prior period. This modest rise suggests that demand for semi-detached properties remains strong, particularly in suburban regions where families are looking for extra space. Meanwhile, in Wales, the price for a semi-detached home held steady at £197,000, reflecting stable market conditions in that part of the country. Semi-detached homes in Wales continue to be a more affordable option for those looking to buy outside of the larger cities.
Terraced houses, which are often the most affordable option for many buyers, had an average price of £225,000 across England and Wales. In England, the median price was slightly higher at £232,400, while in Wales, it was significantly lower at £150,000. These figures are consistent with the previous period, showing little change. Terraced houses are typically smaller than semi-detached homes, but they offer an attractive option for first-time buyers or those looking for more compact living spaces.
Flats and maisonettes also remain a common choice, especially in urban areas. In England, the average price for a flat or maisonette was £225,000, while in Wales, it was slightly lower at £220,000. These figures are in line with previous data, indicating that prices for these property types have remained stable. Flats and maisonettes are often the preferred option for younger buyers or those looking to live in city centres, where space is limited and prices for larger homes are typically much higher.
However, there was a slight contraction in the average price of flats and maisonettes in Wales, with prices dropping from £135,000 to £132,125. This reduction, although small, may point to a softer market for this type of property in Wales compared to England. While flats and maisonettes are generally more affordable than houses, the drop could reflect changing demand or an increase in supply in certain Welsh areas. Nonetheless, they remain a key part of the housing market, particularly for buyers looking for more affordable city living options.
Download NOW
4 Simple Steps To Becoming Wealthy Through Property