UK House Price Index December 2017
The December data shows, on average, house prices have risen by 0.4% since November 2017. There has been an annual price rise of 5.2%, which makes the average property in the UK valued at £226,756.
England
In England, the December data shows on average, house prices have risen by 0.4% since November 2017. The annual price rise of 5% takes the average property value to £243,582.
The regional data for England indicates that:
- the South West experienced the greatest rise in average property price over the last 12 months, up by 7.5%;
- the North East experienced the greatest monthly price rise, up by 2.7%;
- London saw the lowest annual price rise, up by 2.5%; and
- the South East saw the most significant monthly price fall, down by 0.5%.
Price change by region for England
| Region | Average price December 2017 | Annual change % since December 2016 | Monthly change % since November 2017 |
| East Midlands | £185,694 | 6.3 | 0.6 |
| East of England | £290,341 | 5.2 | 0.2 |
| London | £484,173 | 2.5 | 0.8 |
| North East | £130,838 | 3.6 | 2.7 |
| North West | £158,370 | 5.9 | 0.2 |
| South East | £322,269 | 4.2 | -0.5 |
| South West | £254,081 | 7.5 | 1.0 |
| West Midlands | £191,050 | 6.3 | 0.1 |
| Yorkshire and the Humber | £156,781 | 2.8 | 0.2 |
Repossession sales by volume for England
The lowest number of repossession sales in October 2017 was in the East of England.
| Repossession sales | October 2017 |
| East Midlands | 48 |
| East of England | 17 |
| London | 40 |
| North East | 96 |
| North West | 140 |
| South East | 52 |
| South West | 35 |
| West Midlands | 57 |
| Yorkshire and the Humber | 101 |
| England | 586 |
Average price by property type for England
| Property type
|
December 2017 | December 2016 | Difference % |
| Detached | £364,919 | £349,408 | 4.4 |
| Semi-detached | £226,034 | £213,878 | 5.7 |
| Terraced | £196,410 | £186,867 | 5.1 |
| Flat/maisonette | £230,408 | £220,018 | 4.7 |
| All | £243,582 | £231,922 | 5.0 |
Funding and buyer status for England
| Transaction type | Average price December 2017 | Annual price change % since December 2016 | Monthly price change % since November 2017 |
| Cash | £229,209 | 5.0 | 0.4 |
| Mortgage | £250,824 | 5.0 | 0.4 |
| First-time buyer | £204,597 | 4.8 | 0.3 |
| Former owner occupier | £276,183 | 5.2 | 0.4 |
Building status for England
| Building status* | Average price October 2017 | Annual price change % since October 2016 | Monthly price change % since September 2017 |
| New build | £321,335 | 14.1 | 2.1 |
| Existing resold property | £238,634 | 5.4 | 0.1 |
*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 October 2017 fell by 10.2% to 63,603 compared with 70,825 in October 2016.
| Month | Sales 2017 | Sales 2016 | Difference % |
| September | 67,983 | 76,114 | -10.7 |
| October | 63,603 | 70,825 | -10.2 |
London
London shows, on average, house prices have risen by 0.8% since November 2017. An annual price rise of 2.5% takes the average property value to £484,173.
Average price by property type for London
| Property type
|
December 2017 | December 2016 | Difference % |
| Detached | £896,260 | £887,005 | 1.0 |
| Semi-detached | £579,622 | £562,272 | 3.1 |
| Terraced | £497,236 | £483,479 | 2.8 |
| Flat/maisonette | £429,543 | £419,937 | 2.3 |
| All | £484,173 | £472,374 | 2.5 |
Funding and buyer status for London
| Transaction type | Average price December 2017 | Annual price change % since December 2016 | Monthly price change % since November 2017 |
| Cash | £508,917 | 1.8 | 0.6 |
| Mortgage | £476,480 | 2.7 | 0.8 |
| First-time buyer | £423,129 | 2.2 | 0.6 |
| Former owner occupier | £546,842 | 2.8 | 1.0 |
Building status for London
| Building status* | Average price October 2017 | Annual price change % since October 2016 | Monthly price change % since September 2017 |
| New build | £538,497 | 11.4 | 2.2 |
| Existing resold property | £481,656 | 2.5 | -0.4 |
*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 October 2017 fell by 22.7% to 6,264 compared with 8,100 in October 2016.
| Month | Sales 2017 | Sales 2016 | Difference % |
| September | 6,991 | 8,275 | -15.5 |
| October | 6,264 | 8,100 | -22.7 |
Wales
Wales shows, on average, house prices have risen by 1% since November 2017. An annual price rise of 5.4% takes the average property value to £154,398.
Average price by property type for Wales
| Property type | December 2017 | December 2016 | Difference % |
| Detached | £231,947 | £221,813 | 4.6 |
| Semi-detached | £148,968 | £140,572 | 6.0 |
| Terraced | £119,490 | £113,104 | 5.6 |
| Flat/maisonette | £111,811 | £105,614 | 5.9 |
| All | £154,398 | £146,442 | 5.4 |
Funding and buyer status for Wales
| Transaction type | Average price December 2017 | Annual price change % since December 2016 | Monthly price change % since November 2017 |
| Cash | £150,562 | 5.4 | 1.0 |
| Mortgage | £156,678 | 5.5 | 1.0 |
| First-time buyer | £133,522 | 5.4 | 1.1 |
| Former owner occupier | £178,701 | 5.4 | 0.9 |
Building status for Wales
| Building status* | Average price October 2017 | Annual price change % since October 2016 | Monthly price change % since September 2017 |
| New build | £217,588 | 14.6 | 2.9 |
| Existing resold property | £151,322 | 5.0 | 1.1 |
*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 October 2017 fell by 3.8% to 3,805 compared with 3,957 in October 2016; and
- there were 64 repossession sales in October 2017.
| Month | Sales 2017 | Sales 2016 | Difference % |
| September | 3,933 | 4,054 | -3.0 |
| October | 3,805 | 3,957 | -3.8 |
UK house prices grew by 5.2% in the year to December 2017, up from 5.0% in the year to November 2017.
The UK Property Transaction Statistics for December 2017 show that the number of seasonally adjusted transactions on residential properties with a value of £40,000 or greater fell by 0.1% in the year to December 2017. Between November 2017 and December 2017, transactions fell by 3.9%.
Looking at English regions, the largest annual price growth was recorded in the South West at 7.5%, up from 6.1% in the previous month. It was followed by the East and West Midlands, both growing at 6.3%. At 2.5%, London showed the slowest annual growth of all UK regions, though this is up from 2.0% in the previous month. This is the 13th consecutive month where the annual growth in London has remained below the UK average.
See the economic statement
Kindly shared by Land Registry
