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

 

Access the full UK HPI

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