UK House Price Index May 2017
The May data shows an annual price increase of 4.7% which takes the average property value in the UK to £220,713. Monthly house prices have risen by 0.5% since April 2017. The monthly index figure for the UK was 115.8.
In England, the May data shows an annual price increase of 5% which takes the average property value to £237,662. Monthly house prices have risen by 0.5% since April 2017.
Wales shows an annual price increase of 3.8% which takes the average property value to £149,817. Monthly house prices have risen by 0.6% since April 2017.
London shows an annual price increase of 3% which takes the average property value to £481,345. Monthly house prices have fallen by 0.3% since April 2017.
The regional data indicates that:
- the East of England experienced the greatest increase in average property price over the last 12 months, with a movement of 7.5%;
- the North East experienced both the greatest monthly price growth with an increase of 1.8% and the lowest annual price growth with a movement of 1.6%; and
- London and the South East saw the most significant monthly price falls of 0.3% each.
The UK Property Transaction statistics showed that in May 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 13.4% compared to May 2016. The unusually low level of transactions in May 2016 was associated with the introduction of the higher tax rates on additional properties introduced from 1 April 2016. Comparing May 2017 to April 2017, property transactions fell by 3.3%. See the economic statement.
Sales during March 2017, the most up-to-date HM Land Registry figures available, show that:
- the number of completed house sales in England fell by 44.3% to 62,342 compared with 111,901 in March 2016;
- the number of completed house sales in Wales fell by 35.5% to 3,451 compared with 5,354 in March 2016;
- the number of completed house sales in London fell by 57.5% to 6,941 compared with 16,322 in March 2016;
- there were 743 repossession sales in England in March 2017;
- there were 76 repossession sales in Wales in March 2017; and
- the lowest number of repossession sales in England and Wales in March 2017 was in the East of England.
|England by region||Monthly change % since April 2017||Annual change % since May 2016||Average price May 2017|
|East of England||0.7||7.5||£284,097|
|Yorkshire and the Humber||1.1||4.4||£155,268|
|Average price by property type (England)||May 2017||May 2016||Difference %|
|Wales||Monthly change % since April 2017||Annual change % since May 2016||Average price May 2017|
|Average price by property type (Wales)||May 2017||May 2016||Difference %|
|Average price by property type (London)||May 2017||May 2016||Difference %|
|Month||Sales 2017 England||Sales 2016 England||Difference %|
|Month||Sales 2017 Wales||Sales 2016 Wales||Difference %|
|Month||Sales 2017 London||Sales 2016 London||Difference %|
|England||Monthly price change % since April 2017||Annual price change % since May 2016||Average price May 2017|
|First time buyer||1.2||5.0||£200,770|
|Former owner occupier||-0.1||4.9||£268,135|
|Existing resold property||0.6||4.7||£233,153|
|Wales||Monthly price change % since April 2017||Annual price change % since May 2016||Average price May 2017|
|First time buyer||1.2||3.9||£130,125|
|Former owner occupier||-0.1||3.7||£172,585|
|Existing resold property||0.5||3.5||£146,556|
|London||Monthly price change % since April 2017||Annual price change % since May 2016||Average price May 2017|
|First time buyer||0.0||2.9||£422,225|
|Former owner occupier||-0.6||3.0||£541,333|
|Existing resold property||0.0||2.8||£478,916|
|Repossession sales||March 2017|
|East of England||12|
|Yorkshire and the Humber||136|
Kindly shared by Land Registry