UK House Price Index August 2018 – House prices rise
The August data shows, on average, house prices have risen by 0.2% since July 2018. There has been an annual price rise of 3.2%, which makes the average property in the UK valued at £232,797.
England
In England, the August data shows on average, house prices have risen by 0.2% since July 2018. The annual price rise of 2.9% takes the average property value to £249,748.
The regional data for England indicates that:
- the East Midlands experienced the greatest monthly price rise, up by 1.5%;
- the East of England saw the most significant monthly price fall, down by 1.1%; and
- London saw the lowest annual price increase, down by 0.2%
Price change by region for England
| Region | Average price August 2018 | Monthly change % since July 2018 |
| East Midlands | £194,718 | 1.5 |
| East of England | £292,107 | -1.1 |
| London | £486,304 | -0.5 |
| North East | £133,538 | 1.4 |
| North West | £163,487 | 0.0 |
| South East | £329,264 | 0.1 |
| South West | £257,659 | -0.4 |
| West Midlands | £199,000 | 0.5 |
| Yorkshire and the Humber | £163,964 | 1.2 |
Repossession sales by volume for England
The lowest number of repossession sales in June 2018 was in the East of England.
The highest number of repossession sales in June 2018 was in the North West.
| Repossession sales | June 2018 |
| East Midlands | 39 |
| East of England | 14 |
| London | 42 |
| North East | 75 |
| North West | 121 |
| South East | 53 |
| South West | 47 |
| West Midlands | 51 |
| Yorkshire and the Humber | 100 |
| England | 542 |
Average price by property type for England
| Property type
|
August 2018 | August 2017 | Difference % |
| Detached | £375,773 | £363,088 | 3.5 |
| Semi-detached | £234,174 | £223,857 | 4.6 |
| Terraced | £202,162 | £196,312 | 3.0 |
| Flat/maisonette | £230,459 | £230,443 | 0.0 |
| All | £249,748 | £242,628 | 2.9 |
Funding and buyer status for England
| Transaction type | Average price
August 2018 |
Annual price change % since August 2017 | Monthly price change %since July 2018 |
| Cash | £234,912 | 2.8 | 0.1 |
| Mortgage | £257,227 | 3.0 | 0.2 |
| First-time buyer | £209,745 | 2.7 | 0.3 |
| Former owner occupier | £283,215 | 3.1 | 0.0 |
Building status for England
| Building status* | Average price
June 2018 |
Annual price change % since June 2017 | Monthly price change % since
May 2018 |
| New build | £307,553 | 6.6 | 2.1 |
| Existing resold property | £241,647 | 2.8 | 0.6 |
*Figures for the two 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 have fallen by 0.5% since July 2018. An annual price fall of 0.2% takes the average property value to £486,304.
Average price by property type for London
| Property type
|
August 2018 | August 2017 | Difference % |
| Detached | £907,317 | £904,655 | 0.3 |
| Semi-detached | £590,981 | £579,880 | 1.9 |
| Terraced | £506,845 | £501,173 | 1.1 |
| Flat/maisonette | £426,856 | £432,209 | -1.2 |
| All | £486,304 | £487,085 | -0.2 |
Funding and buyer status for London
| Transaction type | Average price
August 2018 |
Annual price change % since August 2017 | Monthly price change %since July 2018 |
| Cash | £509,986 | -0.4 | -0.9 |
| Mortgage | £479,068 | 0.0 | -0.4 |
| First-time buyer | £425,299 | -0.4 | -0.5 |
| Former owner occupier | £548,993 | 0.1 | -0.5 |
Building status for London
| Building status* | Average price June 2018 | Annual price change % since June 2017 | Monthly price change % since May 2018 |
| New build | £504,305 | 4.1 | 1.5 |
| Existing resold property | £479,739 | 0.0 | 0.5 |
*Figures for the two 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 have risen by 1.9% since July 2018. An annual price rise of 6.2% takes the average property value to £162,374.
There were 57 repossession sales for Wales in June 2018.
Average price by property type for Wales
| Property type | August 2018 | August 2017 | Difference % |
| Detached | £241,030 | £229,969 | 4.8 |
| Semi-detached | £157,283 | £146,810 | 7.1 |
| Terraced | £126,861 | £118,292 | 7.2 |
| Flat/maisonette | £117,111 | £111,972 | 4.6 |
| All | £162,374 | £152,859 | 6.2 |
Funding and buyer status for Wales
| Transaction type | Average priceAugust 2018 | Annual price change % since August 2017 | Monthly price change %since July 2018 |
| Cash | £156,605 | 4.9 | 1.2 |
| Mortgage | £165,809 | 7.0 | 2.3 |
| First-time buyer | £140,634 | 6.5 | 2.3 |
| Former owner occupier | £187,598 | 6.0 | 1.4 |
Building status for Wales
| Building status* | Average price June 2018 | Annual price change % since June 2017 | Monthly price change % since May 2018 |
| New build | £212,007 | 10.2 | 3.4 |
| Existing resold property | £153,947 | 4.2 | 1.3 |
*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.
UK house prices rose by 3.2% in the year to August 2018, down from 3.4% in the year to July 2018.
The UK Property Transaction Statistics for August 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 99,120. This is 2.6% lower compared to a year ago. Between July and August 2018, transactions increased by 1.3%.
House prices grew fastest in the East Midlands region increasing by 6.5% in the year to August 2018, followed by the West Midlands region which increased by 5.1% over the year. House prices in London fell by 0.2% in the year to August 2018. Annual growth in London house prices has been around zero for the last 6 months.
See the economic statement.
Kindly shared by HM Land Registry
