UK House Price Index March 2018 from HM Land Registry
The March data shows, on average, house prices have fallen by 0.2% since February 2018. There has been an annual price rise of 4.2%, which makes the average property in the UK valued at £224,144.
England
In England, the March data shows on average, house prices have fallen by 0.3% since February 2018. The annual price rise of 4% takes the average property value to £240,949.
The regional data for England indicates that:
- the East of England experienced the greatest monthly price rise, up by 1%;
- the North East saw the most significant monthly price fall, down by 1.5%; and
- London saw the lowest annual price increase, down by 0.7%
Price change by region for England
| Region | Average price March 2018 | Monthly change % since February 2018 |
| East Midlands | £184,736 | -0.6 |
| East of England | £291,415 | 1.0 |
| London | £471,944 | -0.9 |
| North East | £124,381 | -1.5 |
| North West | £157,461 | -0.3 |
| South East | £320,682 | -0.2 |
| South West | £249,839 | -0.3 |
| West Midlands | £188,697 | -0.8 |
| Yorkshire and the Humber | £155,251 | -0.3 |
Repossession sales by volume for England
The lowest number of repossession sales in December 2017 was in the East of England.
The highest number of repossession sales in December 2017 was in the North West.
| Repossession sales | January 2018 |
| East Midlands | 34 |
| East of England | 15 |
| London | 48 |
| North East | 76 |
| North West | 138 |
| South East | 46 |
| South West | 41 |
| West Midlands | 71 |
| Yorkshire and the Humber | 91 |
| England | 560 |
Average price by property type for England
| Property type
|
March 2018 | March 2017 | Difference % |
| Detached | £367,859 | £350,079 | 5.1 |
| Semi-detached | £223,241 | £213,544 | 4.5 |
| Terraced | £194,099 | £185,775 | 4.5 |
| Flat/maisonette | £223,619 | £221,172 | 1.1 |
| All | £240,949 | £231,760 | 4.0 |
Funding and buyer status for England
| Transaction type | Average priceMarch 2018 | Annual price change % since March 2017 | Monthly price change %since January 2018 |
| Cash | £226,994 | 4.0 | -0.3 |
| Mortgage | £247,980 | 3.9 | -0.3 |
| First-time buyer | £201,635 | 3.4 | -0.6 |
| Former owner occupier | £274,116 | 4.4 | 0.0 |
Building status for England
| Building status* | Average price January 2018 | Annual price change % since January 2017 | Monthly price change % since December 2017 |
| New build | £302,522 | 4.8 | 1.4 |
| Existing resold property | £237,206 | 4.1 | -0.7 |
*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 January 2018 fell by 12% to 50,583 compared with 57,498 in January 2017.
| Month | Sales 2018 | Sales 2017 | Difference % |
| December | 70,383 | 79,605 | -11.6 |
| January | 50,583 | 57,498 | -12.0 |
London
London shows, on average, house prices have fallen by 0.9% since February 2018. An annual price fall of 0.7% takes the average property value to £471,944.
Average price by property type for London
| Property type
|
March 2018 | March 2017 | Difference % |
| Detached | £907,329 | £893,859 | 1.5 |
| Semi-detached | £569,389 | £566,834 | 0.5 |
| Terraced | £484,804 | £485,460 | -0.1 |
| Flat/maisonette | £416,470 | £422,917 | -1.5 |
| All | £471,944 | £475,442 | -0.7 |
Funding and buyer status for London
| Transaction type | Average price March 2018 | Annual price change % since March 2017 | Monthly price change %since February 2018 |
| Cash | £498,531 | -0.7 | -0.2 |
| Mortgage | £463,827 | -0.7 | -1.1 |
| First-time buyer | £412,691 | -1.0 | -1.1 |
| Former owner occupier | £532,748 | -0.4 | -0.7 |
Building status for London
| Building status* | Average price January 2018 | Annual price change % since January 2017 | Monthly price change % since December 2017 |
| New build | £496,237 | 0.5 | 1.7 |
| Existing resold property | £477,835 | 0.8 | 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 London
The most up-to-date HM Land Registry sales figures available for London show:
- the number of completed house sales in January 2018 fell by 19.7% to 5,567 compared with 6,931 in January 2017.
| Month | Sales 2018 | Sales 2017 | Difference % |
| December | 7,163 | 8,460 | -15.3 |
| January | 5,567 | 6,931 | -19.7 |
Wales
Wales shows, on average, house prices have fallen by 0.1% since February 2018. An annual price rise of 3.5% takes the average property value to £152,999.
Average price by property type for Wales
| Property type | March 2018 | March 2017 | Difference % |
| Detached | £234,077 | £224,384 | 4.3 |
| Semi-detached | £146,545 | £141,508 | 3.6 |
| Terraced | £117,210 | £113,940 | 2.9 |
| Flat/maisonette | £110,764 | £107,477 | 3.1 |
| All | £152,999 | £147,794 | 3.5 |
Funding and buyer status for Wales
| Transaction type | Average priceMarch 2018 | Annual price change % since March 2017 | Monthly price change %since February 2018 |
| Cash | £149,072 | 3.1 | -0.1 |
| Mortgage | £155,327 | 3.8 | 0.0 |
| First-time buyer | £131,548 | 3.0 | -0.3 |
| Former owner occupier | £178,196 | 4.1 | 0.2 |
Building status for Wales
| Building status* | Average price January 2018 | Annual price change % since January 2017 | Monthly price change % since December 2017 |
| New build | £204,664 | 5.4 | 1.4 |
| Existing resold property | £149,752 | 4.3 | -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 Wales
The most up-to-date HM Land Registry sales figures available for Wales show:
- the number of completed house sales in January 2018 fell by 7.3% to 2,834 compared with 3,056 in January 2017; and
- there were 62 repossession sales in January 2018.
| Month | Sales 2018 | Sales 2017 | Difference % |
| December | 4,289 | 4,581 | -6.4 |
| January | 2,834 | 3,056 | -7.3 |
UK house prices grew by 4.2% in the year to March 2018, unchanged from the year to February 2018.
The UK Property Transaction Statistics for March 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 92,270. This is 11.8% lower compared to a year ago. Between February and March 2018, transactions decreased by 7.2%.
Looking at the country and regional level, Scotland showed the highest annual growth at 6.7%, down from 6.8% in the previous month. The second fastest growing region was the East of England at 5.8%. The lowest annual growth was in London, which recorded negative annual price growth for the second consecutive month at -0.7%, down from -0.1% in the previous month.
See the economic statement.
Kindly shared by HM Land Registry
