HM Land Registry House Price Index May 2024 published

HM Land Registry House Price Index May 2024 is published, showing house price changes for England, Scotland, Wales and Northern Ireland.

The May data shows:

• • on average, house prices have risen 1.2% since April 2024
  • there has been an annual price rise of 2.2% which makes the average property in the UK valued at £281,000

England

In England the May data shows, on average, house prices have risen by 1.3% since April 2024. The annual price rise of 2.2% takes the average property value to £302,000.

The regional data for England indicates that:

• • London experienced the most significant monthly increase with a movement of 3.9%
  • the South-East saw the smallest monthly price growth, with a rise of 0.3%
  • Yorkshire and the Humber experienced the greatest annual price rise, up by 3.9%
  • London saw the lowest annual price growth, with a rise of 0.2%

Price change by region for England:

Repossession sales by volume for England:

The lowest number of repossession sales in March 2024 was in the East of England.

The highest number of repossession sales in March 2024 was in the North-East.

Average price by property type for England:

Funding and buyer status for England:

Building status for England:

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices increased by 3.9% since April 2024. An annual price rise of 0.2% takes the average property value to £523,000.

Average price by property type for London:

Funding and buyer status for London:

Building status for London:

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices rose by 2.5% since April 2024. An annual price increase of 2.4% takes the average property value to £216,000

There were 5 repossession sales for Wales in November 2023.

Average price by property type for Wales:

Funding and buyer status for Wales:

Building status for Wales:

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

UK house prices:

UK house prices rose by 2.2% in the year to May 2024, compared with a increase  of 1.3% in the 12 months to April 2024. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.2% between April 2024 and May 2024, compared with a increase of 0.2% during the same period a year earlier (April and May 2023).

The UK Property Transactions Statistics showed that in May 2024, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 91,000. This is 17.2% higher than a year ago (May 2023). Between April 2024 and May 2024, UK transactions increased by 2.4% on a seasonally adjusted basis.

The highest monthly increase was in London where prices rose by 3.9%. The highest annual growth was in the Yorkshire and the Humber, where prices increased by 3.9% in the year to May 2024.

See the economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

Access the full UK HPI.

Kindly shared by HM Land Registry