Press release

UK House Price Index (HPI) for January 2017

The UK House Price Index shows house price changes for England, Scotland, Wales and Northern Ireland.

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The January data shows an annual price increase of 6.2% which takes the average property value in the UK to £218,255. Monthly house prices have risen by 0.8% since December 2016. The monthly index figure for the UK was 114.5.

In England, the January data shows an annual price increase of 6.5% which takes the average property value to £234,794. Monthly house prices have risen by 0.7% since December 2016.

Wales shows an annual price increase of 4.2% which takes the average property value to £145,933. Monthly house prices have fallen by 0.6% since December 2016.

London shows an annual price increase of 7.3% which takes the average property value to £490,718. Monthly house prices have risen by 3% since December 2016.

The regional data indicates that:

  • East of England experienced the greatest increase in its average property price over the last 12 months with a movement of 9.4%
  • London experienced the greatest monthly price growth with an increase of 3%
  • North East saw the lowest annual price growth with an increase of 2.2%
  • Yorkshire and the Humber saw the most significant monthly price fall with a movement of -2.6%

The Royal Institution of Chartered Surveyors’ (RICS) residential market survey for January 2017 reported little change in transaction volumes and new buyer enquiries between January 2017 and December 2016. See the economic statement.

Sales during November 2016, the most up-to-date Land Registry figures available, show that:

  • the number of completed house sales in England fell by 21.2% to 62,482 compared with 79,243 in November 2015

  • the number of completed house sales in Wales fell by 12.2% to 3,582 compared with 4,082 in November 2015
  • the number of completed house sales in London fell by 34.8% to 6,394 compared with 9,806 in November 2015
  • there were 652 repossession sales in England in November 2016
  • there were 58 repossession sales in Wales in November 2016
  • the lowest number of repossession sales in England and Wales in November 2016 was in the East of England

Access the full January UK HPI

Price change by region for England

Region Monthly change % since December 2016 Annual change % since January 2016 Average price January 2016
East Midlands -0.4 5.6 £174,222
East of England 0.2 9.4 £279,231
London 3.0 7.3 £490,718
North East -1.5 2.2 £123,781
North West -0.4 4.6 £149,767
South East 2.4 8.7 £319,368
South West 1.9 7.4 £243,203
West Midlands 0.4 5.8 £179,633
Yorkshire and The Humber -2.6 2.7 £148,458

Average price by property type for England

Property type January 2017 January 2016 Difference %
Detached £356,726 £330,358 8.0
Semi-detached £216,227 £204,390 5.8
Terraced £187,278 £177,948 5.2
Flat/maisonette £224,390 £207,941 7.9
All £234,794 £220,361 6.5

Price change for Wales

  Monthly change % since December 2016 Annual change % since January 2016 Average price January 2017
Wales -0.6 4.2 £145,933

Average price by property type for Wales

Property type January 2017 January 2016 Difference %
Detached £225,471 £210,134 7.3
Semi-detached £140,532 £134,724 4.3
Terraced £110,797 £108,679 1.9
Flat/maisonette £103,809 £101,492 2.3
All £145,933 £140,015 4.2

Average price by property type for London

Property type January 2017 January 2016 Difference %
Detached £906,513 £846,956 7.0
Semi-detached £583,500 £546,758 6.7
Terraced £502,814 £470,317 6.9
Flat/maisonette £436,765 £405,793 7.6
All £490,718 £457,466 7.3

Sales volumes for England

Month Sales 2016 England Sales 2015 England Difference %
October 58,853 89,884 -34.5
November 62,482 79,243 -21.2

Sales volumes for Wales

Month Sales 2016 Wales Sales 2015 Wales Difference %
October 3,415 4,610 -25.9
November 3,582 4,082 -12.2

Sales volumes for London

Month Sales 2016 London Sales 2015 London Difference %
October 6,166 11,200 -44.9
November 6,394 9,806 -34.8

Funding, buyer and building status for England

Transaction type Monthly price change %since December 2016 Annual price change % since January 2016 Average price January 2017
Cash 0.5 6.1 £220,018
Mortgage 0.9 6.8 £242,256
First time buyer 0.4 6.2 £196,459
Former owner occupier 1.0 6.8 £266,960
New build 13.8 29.2 £340,103
Existing resold property -0.2 5.0 £228,340

Funding, buyer and building status for Wales

Transaction type Monthly price change % since December 2016 Annual price change % since January 2016 Average price January 2017
Cash -0.8 3.6 £141,804
Mortgage -0.5 4.6 £148,388
First time buyer -0.9 3.6 £125,450
Former owner occupier -0.3 4.9 £169,924
New build 11.4 27.5 £223,116
Existing resold property -1.4 2.8 £141,729

Funding, buyer and building status for London

Transaction type Monthly price change % since December 2016 Annual price change % since January 2016 Average price January 2017
Cash 2.8 7.1 £517,726
Mortgage 3.0 7.3 £482,415
First time buyer 3.1 7.5 £429,666
Former owner occupier 2.8 7.1 £553,039
New build 16.5 28.1 £588,633
Existing resold property 1.9 5.7 £483,143

Repossession

Repossession sales November 2016
East Midlands 67
East of England 16
London 33
North East 82
North West 162
South East 80
South West 46
Yorkshire and The Humber 105
West Midlands 61
England 652
Wales 58

Notes to editors

  1. The UK House Price Index (HPI) is published on the second or third Tuesday of each month with Northern Ireland figures updated quarterly. The February 2017 UK HPI will be published at 9.30am on 11 April 2017. A calendar of release dates is available.

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

  3. The UK HPI is calculated by the Office for National Statistics 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 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 ONS and Northern Ireland Statistics & Research Agency.

  4. 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.

  5. 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.

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

  7. The 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).

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

  9. For England this is shown as volumes of repossessions recorded by Government Office Region. For Wales there is a headline figure for the number of repossessions recorded in Wales.

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

  11. 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.

  12. As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Energy and Industrial Strategy, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been open to public inspection since 1990.

  13. With the largest transactional database of its kind detailing more than 24 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.

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

  15. Follow us on Twitter @LandRegGov, our blog, LinkedIn and Facebook

Senior Press Officer

Marion Shelley
Head Office
Trafalgar House

1 Bedford Park
Croydon
CR0 2AQ

Press Officer

Paula Dorman
Head Office
Trafalgar House
1 Bedford Park

Croydon
CR0 2AQ

Published 21 March 2017