UK House Price Index summary: March 2017
Published 16 May 2017
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This publication is available at https://www.gov.uk/government/statistics/uk-house-price-index-summary-march-2017/uk-house-price-index-summary-march-2017
1. Headline statistics for March 2017:
the average price of a property in the UK was
£215,848
the annual price change for a property in the UK was
4.1%
the monthly price change for a property in the UK was
-0.6%
the monthly index figure (January 2015 = 100) for the UK was
113.2
Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read the revision policies.
2. Economic statement
UK House prices grew by 4.1% in the year to March 2017, 1.5 percentage points lower than in the year to February 2017.
In terms of housing demand, theRoyal Institution of Chartered Surveyors’ (RICS) residential market survey for March 2017 reported that housing market activity remained “relatively subdued”. New buyer enquiries and agreed sales remain broadly unchanged since the start of the year. This is consistent with UK Property Transaction statistics which showed that in March 2017 the total number of seasonally adjusted property transactions completed in the UK with value of £40,000 or above has remained at a similar level for the last 3 months.
According to the Bank of England’s Agent’s summary of business conditions, PDF, some estate agents noted the number of properties on their books was “less than half pre-crisis norms” with “modest excess demand” supporting “low-level house price inflation”. In London, the same report noted that properties were taking longer to sell and that house price inflation had “eased significantly”. This is confirmed by the latest UK HPI estimate for London for the year to March 2017 at 1.5%, 3.2 percentage points lower than February 2017.
On the supply side, RICS reported that sales instructions continued to fall in March. They also reported that average estate agents stock levels fell to a new record low, which they report is weighing on sales activity.
3. Price changes
3.1 Annual price change
Annual price change for UK by country over the past five years
3.2 Average price by country and government office region
Price, monthly change and annual change by country and government office region
| Country and government office region | Price | Monthly change | Annual change |
|---|---|---|---|
| England | £232,530 | -0.6% | 4.4% |
| Northern Ireland (Quarter 1 - 2017) | £124,007 | -0.8% | 4.3% |
| Scotland | £137,139 | -1.0% | 0.7% |
| Wales | £147,746 | 1.4% | 4.3% |
| East Midlands | £176,213 | -0.2% | 6.7% |
| East of England | £277,127 | -0.8% | 6.7% |
| London | £471,742 | -1.5% | 1.5% |
| North East | £122,298 | -1.3% | -0.4% |
| North West | £150,250 | -0.6% | 6.2% |
| South East | £311,514 | -0.5% | 3.8% |
| South West | £240,222 | -0.7% | 2.8% |
| West Midlands Region | £180,293 | 0.3% | 6.5% |
| Yorkshire and The Humber | £149,606 | -0.6% | 4.0% |
Price changes by country and government office region
3.3 Average price by property type
Average monthly price by property type
| Property type | March 2017 | March 2016 | Difference |
|---|---|---|---|
| Detached | £324,927 | £313,564 | 3.6% |
| Semi-detached | £203,177 | £192,884 | 5.3% |
| Terraced | £174,036 | £167,656 | 3.8% |
| Flat or maisonette | £195,830 | £189,180 | 3.5% |
| All | £215,847 | £207,333 | 4.1% |
4. Sales volumes
Due to a period of 2 to 8 weeks between completion and registration of sales, volume figures for the most recent two months are not yet complete, so they are not included in the report.
4.1 Sales volumes: January 2017
Number of sales by country
| Country | January 2017 | January 2016 | Difference |
|---|---|---|---|
| England | 50,790 | 60,923 | -16.6% |
| Northern Ireland (Quarter 1 - 2017) | 4,379 | 6,127 | -28.5% |
| Scotland | 6,239 | 6,118 | 2.0% |
| Wales | 2,762 | 2,828 | -2.3% |
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2013 to 2017 by country: January 2017
5. Property status for UK
New build and existing resold property
| Property Status | Average price | Monthly change | Annual change |
|---|---|---|---|
| New build | £262,299 | -6.4% | 9.5% |
| Existing resold property | £212,535 | -0.2% | 3.7% |
Note: the first estimate for new build is based on a small sample which can cause volatility in this initial estimate.
6. Buyer status for Great Britain
First time buyer and former owner occupier
For Great Britain only, Northern Ireland data is not available for buyer status.
| Type of buyer | Average price | Monthly change | Annual change |
|---|---|---|---|
| First time buyer | £182,407 | -0.4% | 4.4% |
| Former owner occupier | £249,757 | -0.7% | 3.8% |
7. Funding status for Great Britain
Cash and mortgage
For Great Britain only, Northern Ireland data is not available for funding status.
| Funding status | Average price | Monthly change | Annual change |
|---|---|---|---|
| Cash | £206,258 | -0.6% | 4.1% |
| Mortgage | £224,740 | -0.6% | 4.1% |
8. About the UK House Price Index
The UK House Price Index (UK HPI) is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. Find out about the methodology used to create the UK HPI.
Data for the UK House Price Index is provided by HM Land Registry, Registers of Scotland, The Land & Property Services/Northern Ireland Statistics & Research Agency and the Valuation Office Agency.
Find out more about the UK House Price Index.
9. Access the data
Download the data as CSV files or access it with our UK HPI tool.
10. Contact
Eileen Morrison, Data Services Team Leader, HM Land Registry
Email eileen.morrison@landregistry.gov.uk
Telephone 0300 006 5288
Aimee North, Head of Housing Market Indices, Office for National Statistics
Email aimee.north@ons.gov.uk
Telephone 01633 456400
Ciara Cunningham, Statistician for the Northern Ireland HPI
Email ciara.cunningham@finance-ni.gov.uk
Telephone 028 90 336035
Anne MacDonald, Land & Property Data Team, Registers of Scotland
Email Anne.MacDonald@ros.gov.uk
Telephone 0131 378 4991