UK House Price Index October 2017

The October data shows, on average, house prices have fallen by 0.5% since September 2017. Nevertheless, there has been an annual price rise of 4.5%, which makes the average property in the UK valued at £223,807.

ENGLAND

In England, the October data shows on average, house prices have fallen by 0.6% since September 2017. The annual price rise of 4.7% takes the average property value to £240,860.

The regional data for England indicates that:

• the East Midlands experienced the greatest rise in average property price over the last 12 months, up by 7%;
• the East Midlands and the South West experienced the greatest monthly price rise, both up by 0.2%;
• London saw the lowest annual price rise, up by 2.1%; and
• the North West saw the most significant monthly price fall, down by 2%.

Price change by region for England

Repossession sales by volume for England

The lowest number of repossession sales in August 2017 was in the East of England.

Average price by property type for England

Funding and buyer status for England

Building status for England

*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Sales volumes for England

The most up-to-date HM Land Registry sales figures available for England show:

• the number of completed house sales in August 2017 fell by 12% to 70,117 compared with 79,655 in August 2016; and
• there were 544 repossession sales in August 2017.

LONDON

London shows, on average, house prices have fallen by 0.9% since September 2017. An annual price rise of 2.1% takes the average property value to £481,102.

Average price by property type for London

Funding and buyer status for London

Building status for London

*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Sales volumes for London

The most up-to-date HM Land Registry sales figures available for London show;

• the number of completed house sales in August 2017 fell by 15.8% to 7,186 compared with 8,535 in August 2016.

WALES

Wales shows, on average, house prices have risen by 0.8% since September 2017. An annual price rise of 4.5% takes the average property value to £153,316.

Average price by property type for Wales

Funding and buyer status for Wales

Building status for Wales

*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Sales volumes for Wales

The most up-to-date HM Land Registry sales figures available for Wales show:

• the number of completed house sales in August 2017 fell by 3.4% to 3,982 compared with 4,122 in August 2016; and
• there were 68 repossession sales in August 2017.

Access the full UK HPI

The UK Property Transaction Statistics showed that the number of seasonally adjusted transactions on UK properties with a value of £40,000 or greater has increased by 9.2% in the year to October 2017. Between September 2017 and October 2017, property transactions increased by 1.7%.

The Bank of England’s Agent’s summary of business conditions reported that housing market demand has strengthened overall but with a divergence between the regions, as there are signs of excess supply in London and the South East but excess demand in the majority of other UK regions.

Looking more closely at regional levels of the UK, the largest annual growth was in the East Midlands at 7.0%, up from 6.3% in September 2017. It was followed by the South West, which showed annual growth of 6.7%. The slowest annual growth was in London at 2.1%, a fall from 2.9% in September 2017. This is the 11th consecutive month where the growth in London house prices has remained below the UK average. The second slowest annual growth was in the North East at 2.4%.

See the economic statement.

Kindly shared by HM Land Registry

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