Press release

UK House Price Index for August 2018

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

Row of houses in Autumn
Alexey Fedorenko/Shutterstock.com

The August data shows:

  • on average, house prices have risen by 0.2% since July 2018
  • an annual price rise of 3.2%, which makes the average property in the UK valued at £232,797

England

In England, the August data shows house prices have risen on average by 0.2% since July 2018. The annual price rise of 2.9% takes the average property value to £249,748.

The regional data for England indicates that:

  • the East Midlands experienced the greatest monthly price rise, up by 1.5%
  • the East of England saw the most significant monthly price fall, down by 1.1%
  • house prices in London fell by 0.2% in the year to August 2018

Price change by region for England

Region Average price August 2018 Monthly change % since July 2018
East Midlands £194,718 1.5
East of England £292,107 -1.1
London £486,304 -0.5
North East £133,538 1.4
North West £163,487 0.0
South East £329,264 0.1
South West £257,659 -0.4
West Midlands £199,000 0.5
Yorkshire and the Humber £163,964 1.2

Repossession sales by volume for England

The lowest number of repossession sales in June 2018 was in the East of England.

The highest number of repossession sales in June 2018 was in the North West.

Repossession sales June 2018
East Midlands 39
East of England 14
London 42
North East 75
North West 121
South East 53
South West 47
West Midlands 51
Yorkshire and the Humber 100
England 542

Average price by property type for England

Property type August 2018 August 2017 Difference %
Detached £375,773 £363,088 3.5
Semi-detached £234,174 £223,857 4.6
Terraced £202,162 £196,312 3.0
Flat/maisonette £230,459 £230,443 0.0
All £249,748 £242,628 2.9

Funding and buyer status for England

Transaction type Average price August 2018 Annual price change % since August 2017 Monthly price change % since July 2018
Cash £234,912 2.8 0.1
Mortgage £257,227 3.0 0.2
First-time buyer £209,745 2.7 0.3
Former owner occupier £283,215 3.1 0.0

Building status for England

Building status* Average price June 2018 Annual price change % since June 2017 Monthly price change % since May 2018
New build £307,553 6.6 2.1
Existing resold property £241,647 2.8 0.6

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices have fallen by 0.5% since July 2018. An annual price fall of 0.2% takes the average property value to £486,304.

Average price by property type for London

Property type August 2018 August 2017 Difference %
Detached £907,317 £904,655 0.3
Semi-detached £590,981 £579,880 1.9
Terraced £506,845 £501,173 1.1
Flat/maisonette £426,856 £432,209 -1.2
All £486,304 £487,085 -0.2

Funding and buyer status for London

Transaction type Average price August 2018 Annual price change % since August 2017 Monthly price change % since July 2018
Cash £509,986 -0.4 -0.9
Mortgage £479,068 0.0 -0.4
First-time buyer £425,299 -0.4 -0.5
Former owner occupier £548,993 0.1 -0.5

Building status for London

Building status* Average price June 2018 Annual price change % since June 2017 Monthly price change % since May 2018
New build £504,305 4.1 1.5
Existing resold property £479,739 0.0 0.5

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices have risen by 1.9% since July 2018. An annual price rise of 6.2% takes the average property value to £162,374.

There were 57 repossession sales for Wales in June 2018.

Average price by property type for Wales

Property type August 2018 August 2017 Difference %
Detached £241,030 £229,969 4.8
Semi-detached £157,283 £146,810 7.1
Terraced £126,861 £118,292 7.2
Flat/maisonette £117,111 £111,972 4.6
All £162,374 £152,859 6.2

Funding and buyer status for Wales

Transaction type Average price August 2018 Annual price change % since August 2017 Monthly price change % since July 2018
Cash £156,605 4.9 1.2
Mortgage £165,809 7.0 2.3
First-time buyer £140,634 6.5 2.3
Former owner occupier £187,598 6.0 1.4

Building status for Wales

Building status* Average price June 2018 Annual price change % since June 2017 Monthly price change % since May 2018
New build £212,007 10.2 3.4
Existing resold property £153,947 4.2 1.3

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Access the full UK HPI

UK house prices rose by 3.2% in the year to August 2018, down from 3.4% in the year to July 2018.

The UK Property Transaction Statistics for August 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 99,120. This is 2.6% lower compared to a year ago. Between July and August 2018, transactions increased by 1.3%.

House prices grew fastest in the East Midlands region increasing by 6.5% in the year to August 2018, followed by the West Midlands region which increased by 5.1% over the year. House prices in London fell by 0.2% in the year to August 2018. Annual growth in London house prices has been around zero for the last 6 months.

See the economic statement.

Notes to editors

  1. The UK House Price Index (HPI) is published on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. The September 2018 UK HPI will be published at 9.30am on Wednesday 14 November 2018. See calendar of release dates.

  2. We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.

  3. The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see Revisions to the UK HPI data). This ensures the data used is more comprehensive.

  4. Sales volume data is also available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.

  5. Revision tables have been introduced for England and Wales within the downloadable data. Tables will be available in csv format. See about the UK HPI for more information.

  6. Data for the UK HPI is provided by HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency.

  7. The UK HPI is calculated by the Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency. It applies a hedonic regression model that uses the various sources of data on property price, in particular HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from the ONS and Northern Ireland Statistics & Research Agency.

  8. The UK Property Transaction statisticsare taken from HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series so HMRC also presents the UK aggregate transaction figures on a seasonally adjusted basis. Adjustments are made for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in a particular month.

  9. UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.

  10. The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has been applied to the latest estimate to remove some of this volatility.

  11. Work has been taking place since 2014 to develop a single, official HPI that reflects the final transaction price for sales of residential property in the UK. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.

  12. Information on residential property transactions for England and Wales, collected as part of the official registration process, is provided by HM Land Registry for properties that are sold for full market value.

  13. The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).

  14. Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.

  15. For England, this is shown as volumes of repossession sales recorded by Government Office Region. For Wales, there is a headline figure for the number of repossession sales recorded in Wales.

  16. The data can be downloaded as a .csv file. Repossession sales data prior to April 2016 is not available. Find out more information about repossession sales.

  17. Background tables of the raw and cleansed aggregated data, in Excel and CSV formats, are also published monthly although Northern Ireland is on a quarterly basis. They are available for free use and re-use under the Open Government Licence.

  18. HM Land Registry’s mission is to guarantee and protect property rights in England and Wales.

  19. HM Land Registry is a government department created in 1862. It operates as an executive agency and a trading fund and its running costs are covered by the fees paid by the users of its services. Its ambition is to become the world’s leading land registry for speed, simplicity and an open approach to data.

  20. HM Land Registry safeguards land and property ownership worth in excess of £4 trillion, including around £1 trillion of mortgages. The Land Register contains more than 25 million titles showing evidence of ownership for some 85% of the land mass of England and Wales.

  21. For further information about HM Land Registry visit www.gov.uk/land-registry

  22. Follow us on Twitter @HMLandRegistry, our blog, LinkedIn and Facebook.

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Published 17 October 2018