UK House Price Index

UK House Price Index summary: April 2017

Published 13 June 2017

Contents

1.      Headline statistics for April 2017

2.      Economic statement

3.      Price changes

4.      Sales volumes

5.      Property status for UK

6.      Buyer status for Great Britain

7.      Funding status for Great Britain

8.      Access the data

9.      About the UK House Price Index

10.  Contact

1.Headline statistics for April 2017

the average price of a property in the UK was

£220,094

the annual price change for a property in the UK was

5.6%

the monthly price change for a property in the UK was

1.6%

the monthly index figure (January 2015 = 100) for the UK was

115.4

Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read the revision policies.

2.Economic statement

UK House prices grew by 5.6% in the year to April 2017, 1.1 percentage points higher than in the year to March 2017.

In terms of housing demand, the Royal Institute for Chartered Surveyors’ (RICS) residential market survey for April 2017 reported that price expectations are moderately positive while new buyer enquiries remain low.

The UK Property Transaction statistics showed that in April 2017 the total number of seasonally adjusted property transactions completed in the UK with value of £40,000 or above increased by 20.3% compared to April 2016. The unusually low level of transactions in April 2016 was associated with the introduction of the higher tax rates on additional properties introduced in this month. Comparing April 2017 to March 2017, property transactions fell by 3.2%.

Looking closer at the regional level of the UK, the largest house price growth was in the East of England (8.1%) while the lowest house price growth was in the North East (0.6%) in the 12 months to April 2017. House prices grew by 4.7% in London in the 12 months to April 2017, 1.5 percentage points higher than in the year to March 2017. This is the first time in 11 months that the rate of price growth in London has increased. This is consistent with RICS who have reported negative price expectations in London for the 13 consecutive months to April 2017.

According to the Bank of England Agent’s summary of business conditions May update, housing market activity was subdued on both the demand and supply side.

On the supply side RICS reported that new sales instructions remained negative for the fourteenth month in a row. They also report that average estate agent stock levels remain close to record lows. Further, RICS report “an acute shortage of stock remains a key factor underpinning prices for the time being”.

3.Price changes

3.1Annual price change

Annual price change for UK by country over the past five years

Annual price change for UK by country over the past five years

3.2Average price by country and government office region

Price, monthly change and annual change by country and government office region


Country and government office region

Price

Monthly change

Annual change

England

£236,519

1.3%

5.7%

Northern Ireland (Quarter 1 - 2017)

£124,007

-0.8%

4.3%

Scotland

£145,735

5.4%

6.8%

Wales

£147,921

0.9%

4.2%

East Midlands

£178,844

1.6%

6.5%

East of England

£280,690

0.6%

8.1%

London

£482,779

0.7%

4.7%

North East

£123,234

1.0%

0.6%

North West

£152,765

2.1%

4.1%

South East

£315,334

0.3%

5.9%

South West

£243,215

0.7%

6.8%

West Midlands Region

£183,250

1.3%

6.0%

Yorkshire and The Humber

£155,357

3.9%

4.9%

Price changes by country and government office region

Price changes by country and government office region

3.3Average price by property type

Average monthly price by property type

Property type

April 2017

April 2016

Difference

Detached

£332,839

£311,664

6.8%

Semi-detached

£206,873

£195,838

5.6%

Terraced

£177,379

£170,071

4.3%

Flat or maisonette

£199,075

£187,786

6.0%

All

£220,094

£208,443

5.6%

4.Sales volumes

Due to a period of 2 to 8 weeks between completion and registration of sales, volume figures for the most recent two months are not yet complete, so they are not included in the report.

4.1Sales volumes: February 2017

Number of sales by country

Country

February 2017

February 2016

Difference

England

52,883

64,679

-18.2%

Northern Ireland (Quarter 1 - 2017)

4,379

6,127

-28.5%

Scotland

5,662

5,507

2.8%

Wales

2,908

3,188

-8.8%

4.2Sales volumes for the UK over the past 5 years

Sales volumes for 2013 to 2017 by country: February 2017

Sales volumes for 2013 to 2017 by country: February 2017

5.Property status for UK

New build and existing resold property

The first estimate for new build is based on a small sample which can cause volatility in this initial estimate.

Property Status

Average price

Monthly change

Annual change

New build

£287,577

0.6%

12.5%

Existing resold property

£215,732

1.7%

5.1%

6.Buyer status for Great Britain

First time buyer and former owner occupier

For Great Britain only, Northern Ireland data is not available for buyer status.

Type of buyer

Average price

Monthly change

Annual change

First time buyer

£185,266

1.4%

5.0%

Former owner occupier

£256,128

1.9%

6.4%

7.Funding status for Great Britain

Cash and mortgage

For Great Britain only, Northern Ireland data is not available for funding status.

Funding status

Average price

Monthly change

Annual change

Cash

£208,985

1.1%

5.5%

Mortgage

£230,188

1.9%

5.9%

8.Access the data

Download the data as CSV files or access it with our UK HPI tool.

Data revisions

View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI.

9.About the UK House Price Index

The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.

Data for the UK House Price Index is provided by HM Land RegistryRegisters of ScotlandThe Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.

Find out more about the UK House Price Index.

10.Contact

Lorna Jordan, Product Manager, HM Land Registry

Emaillorna.jordan@landregistry.gov.uk

For general queries about UK HPI0300 0068084

Rhys Lewis, Head of Housing Market Indices, Office for National Statistics

Emailrhys.lewis@ons.gov.uk

For data queries01633 456400

Ciara Cunningham, Statistician for the Northern Ireland HPI

Emailciara.cunningham@finance-ni.gov.uk

For Northern Ireland queries028 90 336035

Ailsa Robertson, Land & Property Data Team Manager, Registers of Scotland

Emailailsa.robertson@ros.gov.uk

For Scotland queries44 (0)131 659 6111 Ext. 6387

 

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