UK House Price Index (HPI) data May 2018 from HM Land Registry
The May House Price Index (HPI) data shows, on average, house prices have risen by 0.1% since April 2018. There has been an annual price rise of 3%, which makes the average property in the UK valued at £226,351.
England
In England, the May data shows on average, house prices have risen by 0.3% since April 2018. The annual price rise of 2.9% takes the average property value to £243,583.
The regional data for England indicates that:
- East Midlands experienced the greatest monthly price rise, up by 1.7%;
- the North East saw the most significant monthly price fall, down by 0.5%; and
- London saw the lowest annual price increase, down by 0.4%
Price change by region for England
| Region | Average price May 2018 | Monthly change % since April 2018 |
| East Midlands | £190,216 | 1.7 |
| East of England | £288,808 | 0.2 |
| London | £478,853 | 0.1 |
| North East | £128,680 | -0.5 |
| North West | £157,531 | 0.1 |
| South East | £322,096 | 0.0 |
| South West | £251,877 | 0.1 |
| West Midlands | £192,322 | 0.2 |
| Yorkshire and the Humber | £158,966 | 1.0 |
Repossession sales by volume for England
- The lowest number of repossession sales in March 2018 was in the East of England.
- The highest number of repossession sales in March 2018 was in the North West.
| Repossession sales | March 2018 |
| East Midlands | 43 |
| East of England | 11 |
| London | 50 |
| North East | 83 |
| North West | 160 |
| South East | 66 |
| South West | 40 |
| West Midlands | 61 |
| Yorkshire and the Humber | 78 |
| England | 592 |
Average price by property type for England
| Property type
|
May 2018 | May 2017 | Difference % |
| Detached | £370,143 | £353,461 | 4.7 |
| Semi-detached | £227,310 | £218,918 | 3.8 |
| Terraced | £195,982 | £190,021 | 3.1 |
| Flat/maisonette | £225,465 | £227,417 | -0.9 |
| All | £243,583 | £236,727 | 2.9 |
Funding and buyer status for England
| Transaction type | Average price
May 2018 |
Annual price change % since May 2017 | Monthly price change %since April 2018 |
| Cash | £229,187 | 2.8 | 0.4 |
| Mortgage | £250,840 | 3.0 | 0.3 |
| First-time buyer | £204,140 | 2.2 | 0.2 |
| Former owner occupier | £276,751 | 3.5 | 0.4 |
Building status for England
| Building status* | Average price March 2018 | Annual price change % since March 2017 | Monthly price change % since February 2018 |
| New build | £300,538 | 4.8 | -2.3 |
| Existing resold property | £236,750 | 3.8 | -0.3 |
*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.
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 March 2018 fell by 21.8% to 58,203 compared with 74,386 in March 2017.
| Month | Sales 2018 | Sales 2017 | Difference % |
| February | 54,733 | 60,662 | -9.8 |
| March | 58,203 | 74,386 | -21.8 |
London
London shows, on average, house prices have risen by 0.1% since April 2018. An annual price fall of 0.4% takes the average property value to £478,853.
Average price by property type for London
| Property type
|
May 2018 | May 2017 | Difference % |
| Detached | £906,154 | £890,430 | 1.8 |
| Semi-detached | £580,930 | £571,569 | 1.6 |
| Terraced | £495,066 | £487,874 | 1.5 |
| Flat/maisonette | £421,438 | £430,111 | -2.0 |
| All | £478,853 | £480,902 | -0.4 |
Funding and buyer status for London
| Transaction type | Average price
May 2018 |
Annual price change % since May 2017 | Monthly price change %since April 2018 |
| Cash | £502,988 | -0.1 | -0.1 |
| Mortgage | £471,466 | -0.2 | 0.1 |
| First-time buyer | £418,735 | -1.0 | 0.1 |
| Former owner occupier | £540,622 | 0.2 | 0.1 |
Building status for London
| Building status* | Average price March 2018 | Annual price change % since March 2017 | Monthly price change % since February 2018 |
| New build | £493,055 | 0.9 | -2.5 |
| Existing resold property | £469,811 | -0.9 | -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.
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 March 2018 fell by 28.6% to 6,180 compared with 8,659 in March 2017.
| Month | Sales 2018 | Sales 2017 | Difference % |
| February | 5,880 | 7,108 | -17.3 |
| March | 6,180 | 8,659 | -28.6 |
Wales
Wales shows, on average, house prices have fallen by 3% since April 2018. An annual price rise of 1% takes the average property value to £148,894.
Average price by property type for Wales
| Property type | May 2018 | May 2017 | Difference % |
| Detached | £225,804 | £221,407 | 2.0 |
| Semi-detached | £144,379 | £141,980 | 1.7 |
| Terraced | £114,329 | £113,598 | 0.6 |
| Flat/maisonette | £105,580 | £109,576 | -3.6 |
| All | £148,894 | £147,428 | 1.0 |
Funding and buyer status for Wales
| Transaction type | Average price May 2018 | Annual price change % since May 2017 | Monthly price change %since March 2018 |
| Cash | £143,896 | 0.1 | -3.6 |
| Mortgage | £151,866 | 1.5 | -2.6 |
| First-time buyer | £128,339 | 0.6 | -3.2 |
| Former owner occupier | £172,940 | 1.5 | -2.7 |
Building status for Wales
| Building status* | Average price March 2018 | Annual price change % since March 2017 | Monthly price change % since February 2018 |
| New build | £208,824 | 7.9 | 0.6 |
| Existing resold property | £151,650 | 4.6 | 1.0 |
*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 March 2018 fell by 13.8% to 3,368 compared with 3,909 in March 2017; and
- there were 57 repossession sales in March 2018.
| Month | Sales 2018 | Sales 2017 | Difference % |
| February | 3,085 | 3,225 | -4.3 |
| March | 3,368 | 3,909 | -13.8 |
UK house prices rose by 3.0% in the year to May 2018, down from 3.5% in the year to April 2018. This is the lowest UK annual rate since August 2013 when it was also 3.0%
The UK Property Transaction Statistics for May 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 99,590. This is 0.5% lower compared to a year ago. Between April and May 2018, transactions increased by 0.8%.
Looking at the regional level, the East Midlands was the fastest growing region with an annual house price growth rate of 6.3%, up from 5.1% in the previous month. London was the slowest growing region, falling by 0.4% in the year to May 2018, down from negative 0.3% in the previous month. This is the 4thconsecutive month that London house prices have fallen over the year.
See the economic statement.
Kindly shared by HM Land Registry
