UK House Price Index (HPI) for May 2016
The UK House Price Index shows house price changes for England, Scotland, Wales and Northern Ireland.
The May data shows an annual price increase of 8.1% which takes the average property value in the UK to £211,230. Monthly house prices rose by 1.1% since April 2016. The monthly index figure for the UK was 110.8.
In England, the May data shows an annual price increase of 8.9% which takes the average property value to £226,807. Monthly house prices rose by 1.0% since April 2016.
Wales shows an annual price increase of 3.6% which takes the average property value to £142,568. Monthly house prices rose by 0.9% since April 2016.
London shows an annual price increase of 13.6% which takes the average property value to £472,163. Monthly house prices rose by 1.5% since April 2016.
The regional data indicates that:
- London experienced the greatest increase in its average property value over the last 12 months with a movement of 13.6%
- the North East experienced the greatest monthly growth with an increase of 2.1%
- the North East saw the lowest annual price growth with an increase of 3.2%
- the North West saw the most significant monthly price fall with a movement of -0.3%
Following a strong increase in sales in the month prior to the stamp duty changes (March 2016), UK home sales fell by 42.3% in April 2016 to their lowest level since May 2013; these have only recovered slightly in May 2016. See the economic statement.
Sales during March 2016, the most up-to-date Land Registry figures available, show that:
- the number of completed house sales in England increased by 52% to 102,597 compared with 67,489 in March 2015
- the number of completed house sales in Wales increased by 49% to 5,002 compared with 3,358 in March 2015
- the number of completed house sales in London increased by 60.6% to 14,783 compared with 9,202 in March 2015
Price change by region for England
|England by region||Monthly change % since April 2016||Annual change % since May 2015||Average price May 2016|
|East of England||1.4||12.8||£265,156|
|Yorkshire and The Humber||-0.2||3.8||£147,044|
Average price by property type for England
|Average price by property type (England)||May 2016||May 2015||Difference %|
Price change for Wales
|Wales||Monthly change % since April 2016||Annual change % since May 2015||Average price May 2016|
Average price by property type for Wales
|Average price by property type (Wales)||May 2016||May 2015||Difference %|
Average price by property type for London
|Average price by property type (London)||May 2016||May 2015||Difference %|
Sales volumes for England
|Month||Sales 2016 England||Sales 2015 England||Difference %|
Sales volumes for Wales
|Month||Sales 2016 Wales||Sales 2015 Wales||Difference %|
Sales volumes for London
|Month||Sales 2016 London||Sales 2015 London||Difference %|
Funding, buyer and building status for England
|England||Monthly change %||Annual change %||Average price|
|First time buyer||1.1||9.1||£191,099|
|Former owner occupier||1.0||8.8||£256,593|
|Existing resold property||0.4||8.3||£222,455|
Funding, buyer and building status for Wales
|Wales||Monthly change %||Annual change %||Average price|
|First time buyer||0.5||3.5||£123,331|
|Former owner occupier||1.3||3.7||£164,959|
|Existing resold property||0.4||3.1||£139,615|
Funding, buyer and building status for London
|London||Monthly change %||Annual change %||Average price|
|First time buyer||1.8||13.6||£413,743|
|Former owner occupier||1.2||13.5||£531,755|
|Existing resold property||0.8||13.0||£469,356|
Notes to editors
The UK House Price Index (HPI) is published on the second or third Tuesday of each month with Northern Ireland figures updated quarterly. The June 2016 UK HPI will be published at 9.30am on 16 August 2016. A calendar of release dates is available.
Data for the UK HPI is provided by Land Registry, Registers of Scotland, Land & Property Services Northern Ireland and the Valuation Office Agency.
The UK HPI is calculated by the Office for National Statistics and Land & Property Services Northern Ireland. 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 on ONS website and Northern Ireland Statistics and Research Agency website
Work has been taking place over the past two years 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.
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.
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 (i.e. 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 (i.e. using a mortgage) or as a non-financed transaction (cash purchase).
Background tables of the raw and cleansed aggregated data, in CSV formats, are also published monthly although Northern Ireland is updated on a quarterly basis. They are available for free use and re-use under the Open Government Licence.
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.
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.
For further information about Land Registry visit www.gov.uk/land-registry.
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Published: 19 July 2016
From: HM Land Registry