Press release

UK House Price Index (HPI) for October 2016

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

Chart

The October data shows an annual price increase of 6.9% which takes the average property value in the UK to £216,674. Monthly house prices have risen by 0.1% since September 2016. The monthly index figure for the UK was 113.6.

In England, the October data shows an annual price increase of 7.4% which takes the average property value to £232,655. Monthly house prices fell by 0.1% since September 2016.

Wales shows an annual price increase of 4.4% which takes the average property value to £147,065. Monthly house prices have risen by 1% since September 2016.

London shows an annual price increase of 7.7% which takes the average property value to £474,475. Monthly house prices fell by 1.2% since September 2016.

The regional data indicates that:

  • the East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 12.3%
  • the East of England also experienced the greatest monthly growth with an increase of 1.3%
  • the North East saw the lowest annual price growth with an increase of 2.7%
  • the North East also saw the most significant monthly price fall with a movement of -1.3%.

Home sales in the UK increased by 1.0% between September and October. Compared with October 2015 the level of home sales in October 2016 is 8.0% lower. See the economic statement.

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

  • the number of completed house sales in England fell by 20.3% to 67,396 compared with 84,565 in August 2015

  • the number of completed house sales in Wales fell by 11.6% to 3,558 compared with 4,025 in August 2015

  • the number of completed house sales in London fell by 39.3% to 6,607 compared with 10,881 in August 2015

  • there were 514 repossession sales in England in August 2016
  • there were 45 repossession sales in Wales in August 2016

  • the lowest number of repossession sales in England and Wales in August 2016 was in the East of England.

Access the full October UK HPI.

Price change by region for England

England by region Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
East Midlands 1.0 7.5 £176,084
East of England 1.3 12.3 £279,148
London -1.2 7.7 £474,475
North East -1.3 2.7 £124,749
North West -1.2 4.6 £148,586
South East 0.5 9.1 £312,509
South West 0.2 7.2 £240,322
West Midlands -0.7 6.2 £177,937
Yorkshire and The Humber -0.2 4.2 £150,401

Average price by property type for England

Average price by property type (England) October 2016 October 2015 Difference %
Detached £354,120 £326,398 8.5
Semi-detached £215,616 £200,651 7.5
Terraced £185,774 £175,715 5.7
Flat/maisonette £219,583 £202,376 8.5
All £232,655 £216,676 7.4

Price change for Wales

Wales Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
Wales 1.0 4.4 £147,065

Average price by property type for Wales

Average price by property type (Wales) October 2016 October 2015 Difference %
Detached £225,056 £211,922 6.2
Semi-detached £141,981 £135,572 4.7
Terraced £112,146 £109,394 2.5
Flat/maisonette £105,520 £101,268 4.2
All £147,065 £140,912 4.4

Average price by property type for London

Average price by property type (London) October 2016 October 2015 Difference %
Detached £895,564 £824,799 8.6
Semi-detached £575,713 £525,228 9.6
Terraced £483,942 £455,397 6.3
Flat/maisonette £420,211 £389,400 7.9
All £474,475 £440,484 7.7

Sales volumes for England

Month Sales 2016 England Sales 2015 England Difference %
July 66,870 93,040 -28.1
August 67,396 84,565 -20.3

Sales volumes for Wales

Month Sales 2016 Wales Sales 2015 Wales Difference %
July 3,525 4,603 -23.4
August 3,558 4,025 -11.6

Sales volumes for London

Month Sales 2016 London Sales 2015 London Difference %
July 7,074 12,481 -43.3
August 6,607 10,881 -39.3

Funding, buyer and building status for England

England Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
Cash -0.1 6.8 £218,187
Mortgage 0.0 7.7 £239,958
First time buyer -0.3 7.0 £194,768
Former owner occupier 0.1 7.6 £264,433
New build 11.7 30.5 £335,281
Existing resold property -0.9 5.8 £226,348

Funding, buyer and building status for Wales

Wales Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
Cash 0.9 4.0 £142,965
Mortgage 1.1 4.6 £149,504
First time buyer 0.7 3.9 £126,629
Former owner occupier 1.4 4.8 £170,963
New build 13.5 26.9 £225,123
Existing resold property 0.2 3.0 £142,817

Funding, buyer and building status for London

London Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
Cash -1.4 7.3 £498,567
Mortgage -1.1 7.8 £467,049
First time buyer -1.1 7.9 £415,197
Former owner occupier -1.2 7.6 £535,020
New build 9.7 29.3 £565,003
Existing resold property -2.0 6.0 £467,443

Repossession

Repossession sales August 2016
East Midlands 54
East of England 10
London 24
North East 76
North West 131
South East 52
South West 37
Yorkshire and The Humber 71
West Midlands 59
England 514
Wales 45

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 November 2016 UK HPI will be published at 9.30am on 17 January 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 and the Valuation Office Agency.

3.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 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 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.

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 and 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 13 December 2016