HM Land Registry publishes UK House Price Index October 2022

The UK House Price Index October 2022 data shows house price changes for England, Scotland, Wales and Northern Ireland to October 2022.

October data shows:

• • on average, house prices have risen by 0.3% since September 2022
  • there has been an annual price rise of 12.6% which makes the average property in the UK valued at £296,422

England

In England, the October data shows that, on average, house prices have risen 0.2% since September 2022. The annual price rise of 13.2% takes the average property value to £316,073.

The regional data for England indicates that:

• • the North-East experienced the greatest annual price rise, up by 17.3%
  • the North-East experienced the greatest monthly growth, with an increase of 1.9%
  • London saw the lowest annual price growth, with an increase of 6.7%
  • London saw the most significant monthly price fall, with a movement of –0.9%

Price change by region for England:

Repossession sales by volume for England:

The lowest number of repossession sales in August 2022 was in the East Midlands.

The highest number of repossession sales in August 2022 was in the North West.

Average price by property type for England:

Funding and buyer status for England:

Building status for England:

London

London shows, on average, house prices have fallen by 0.9% since September 2022. An annual price rise of 6.7% takes the average property value to £541,720.

Average price by property type for London:

Funding and buyer status for London:

Building status for London:

Wales

Wales shows, on average, house prices have risen by 0.1% since September 2022. An annual price rise of 11.8% takes the average property value to £223,824.

There were 11 repossession sales for Wales in August 2022.

Average price by property type for Wales:

Funding and buyer status for Wales:

Building status for Wales:

UK house prices:

The annual percentage change for average UK house prices was 12.6% in the year to October 2022, compared with 9.9% in the year to September 2022 and 12.9% in the year to August 2022.

The UK Property Transactions Statistics showed that in October 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 108,480. This is 38.0% higher than a year ago (October 2021). Between September and October 2022, UK transactions increased by 2.3% on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 17.3% in the year to October 2022. The lowest annual growth was in London, where prices increased by 6.7% in the year to October 2022.

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