UK House Price Index January 2018 – HM Land Registry
The January data shows, on average, house prices have fallen by 0.3% since December 2017. There has been an annual price rise of 4.9%, which makes the average property in the UK valued at £225,621.
England
In England, the January data shows on average, house prices have fallen by 0.5% since December 2017. The annual price rise of 4.6% takes the average property value to £242,286.
The regional data for England indicates that:
the South West experienced the greatest monthly price rise, up by 1.4%;
the North East saw the most significant monthly price fall, down by 5.5%; and
London experienced a monthly rise of 1%.
Price change by region for England
| Region | Average price January 2018 | Monthly change % since December 2017 |
| East Midlands | £185,568 | -0.1 |
| East of England | £289,729 | -0.7 |
| London | £485,830 | 1.0 |
| North East | £122,870 | -5.5 |
| North West | £155,788 | -1.5 |
| South East | £323,435 | 0.2 |
| South West | £255,307 | 1.4 |
| West Midlands | £187,905 | -2.0 |
| Yorkshire and the Humber | £156,484 | -0.7 |
Repossession sales by volume for England
The lowest number of repossession sales in November 2017 was in the East of England.
The highest number of repossession sales in November 2017 was in the North West.
| Repossession sales | November 2017 |
| East Midlands | 64 |
| East of England | 18 |
| London | 36 |
| North East | 85 |
| North West | 162 |
| South East | 56 |
| South West | 35 |
| West Midlands | 62 |
| Yorkshire and the Humber | 115 |
| England | 633 |
Average price by property type for England
| Property type
|
January 2018 | January 2017 | Difference % |
| Detached | £365,697 | £349,733 | 4.6 |
| Semi-detached | £225,674 | £213,611 | 5.6 |
| Terraced | £194,167 | £185,996 | 4.4 |
| Flat/maisonette | £228,099 | £220,139 | 3.6 |
| All | £242,286 | £231,593 | 4.6 |
Funding and buyer status for England
| Transaction type | Average price January 2018 | Annual price change % since January 2017 | Monthly price change % since December 2017 |
| Cash | £227,783 | 4.6 | -0.5 |
| Mortgage | £249,593 | 4.6 | -0.5 |
| First-time buyer | £203,152 | 4.4 | -0.7 |
| Former owner occupier | £275,127 | 4.8 | -0.3 |
Building status for England
| Building status* | Average price November 2017 | Annual price change % since November 2016 | Monthly price change % since October 2017 |
| New build | £320,489 | 13.5 | 3.6 |
| Existing resold property | £237,791 | 4.5 | -0.2 |
*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 November 2017 fell by 13% to 64,454 compared with 74,097 in November 2016.
| Month | Sales 2017 | Sales 2016 | Difference % |
| October | 69,133 | 70,825 | -2.4 |
| November | 64,454 | 74,097 | -13.0 |
London
London shows, on average, house prices have risen by 1% since December 2017. An annual price rise of 2.1% takes the average property value to £485,830.
Average price by property type for London
| Property type
|
January 2018 | January 2017 | Difference % |
| Detached | £887,700 | £893,279 | -0.6 |
| Semi-detached | £578,716 | £568,911 | 1.7 |
| Terraced | £499,645 | £487,710 | 2.4 |
| Flat/maisonette | £431,756 | £421,834 | 2.4 |
| All | £485,830 | £475,619 | 2.1 |
Funding and buyer status for London
| Transaction type | Average price January 2018 | Annual price change % since January 2017 | Monthly price change % since December 2017 |
| Cash | £514,490 | 2.5 | 1.8 |
| Mortgage | £477,088 | 2.1 | 0.8 |
| First-time buyer | £425,253 | 2.1 | 1.1 |
| Former owner occupier | £547,733 | 2.2 | 0.9 |
Building status for London
| Building status* | Average price November 2017 | Annual price change % since November 2016 | Monthly price change % since October 2017 |
| New build | £523,481 | 9.2 | 1.3 |
| Existing resold property | £474,681 | 1.0 | -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 London
The most up-to-date HM Land Registry sales figures available for London show;
the number of completed house sales in November 2017 fell by 24.6% to 6,165 compared with 8,178 in November 2016.
| Month | Sales 2017 | Sales 2016 | Difference % |
| October | 7,054 | 8,100 | -12.9 |
| November | 6,165 | 8,178 | -24.6 |
Wales
Wales shows, on average, house prices have fallen by 0.5% since December 2017. An annual price rise of 4.5% takes the average property value to £153,034.
Average price by property type for Wales
| Property type | January 2018 | January 2017 | Difference % |
| Detached | £232,526 | £221,555 | 5.0 |
| Semi-detached | £148,715 | £140,503 | 5.8 |
| Terraced | £116,573 | £113,087 | 3.1 |
| Flat/maisonette | £110,479 | £105,921 | 4.3 |
| All | £153,034 | £146,395 | 4.5 |
Funding and buyer status for Wales
| Transaction type | Average price January 2018 | Annual price change % since January 2017 | Monthly price change % since December 2017 |
| Cash | £148,756 | 4.3 | -0.7 |
| Mortgage | £155,572 | 4.6 | -0.3 |
| First-time buyer | £131,595 | 4.0 | -0.9 |
| Former owner occupier | £178,201 | 5.1 | 0.0 |
Building status for Wales
| Building status* | Average price November 2017 | Annual price change % since November 2016 | Monthly price change % since October 2017 |
| New build | £216,604 | 14.4 | 3.3 |
| Existing resold property | £149,835 | 4.3 | -0.9 |
*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 November 2017 fell by 5.2% to 3,871 compared with 4,084 in November 2016; and
there were 66 repossession sales in November 2017.
| Month | Sales 2017 | Sales 2016 | Difference % |
| October | 4,103 | 3,957 | 3.7 |
| November | 3,871 | 4,084 | -5.2 |
UK house prices grew by 4.9% in the year to January 2018, down from 5.0% in the year to December 2017.
The UK Property Transaction Statistics for January 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater has fallen by 0.1% in the year to January 2018. Between December 2017 and January 2018, transactions increased by 1.3%.
Looking at the country and regional level, the largest annual price growth was recorded in Scotland and the East Midlands at 7.3%. The lowest annual growth was in the North East, where prices increased by 0.7% over the year, followed by London at 2.1%. This is the 14th consecutive month where the annual growth in London has remained below the UK average.
See the economic statement.
Kindly shared by HM Land Registry
