UK House Price Index summary: August 2017
Published 17 October 2017
Applies to England and Wales
© Crown copyright 2017
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This publication is available at https://www.gov.uk/government/statistics/uk-house-price-index-summary-august-2017/uk-house-price-index-summary-august-2017
1. Headline statistics for August 2017
the average price of a property in the UK was
£225,956
the annual price change for a property in the UK was
5.0%
the monthly price change for a property in the UK was
0.5%
the monthly index figure (January 2015 = 100) for the UK was
118.5
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 5% in the year to August 2017, experiencing a 0.5 percentage point increase from the previous month.
In terms of housing demand the Royal Institution of Chartered Surveyors’ (RICS) residential market survey for August 2017 reported that headline price expectations remain subdued in the near term. However, at the 12-month horizon, prime central London remains the only area in which prices expectations are negative. In terms of demand, there was little change in buyer enquiries during August, continuing a streak of flat or modestly negative readings into a ninth consecutive month.
The UK Property Transaction Statistics showed that the number of seasonally adjusted transactions on UK properties with a value of £40,000 or greater has increased by 6.6% between August 2016 and August 2017.However, between July 2017 and August 2017, the number of seasonally adjusted property transactions decreased by 0.5%.
Looking closer at regional levels of the UK, the largest annual growth was in the North West at 6.5%. This was followed by the South West, East of England and the East Midlands; all of which had a growth rate of 6.4% in the year to August 2017. The lowest annual growth was in London, where prices increased by 2.6% over the year. This is the 9th consecutive month where the growth in London house prices has remained below the UK average.
On the supply side, RICS reported that the new sales instructions net balance was at -1% for August 2017, compared with -11% in July 2017; this was the least negative reading since February 2016. RICS also reported that the new sales instructions net balance has turned progressively less negative in each of the last three months.
3. Price changes
3.1 Annual price change
Annual price change for UK by country over the past five years
Average house prices in the UK have increased by 5.0% in the year to August 2017 (up from 4.5% in the year to July 2017).
The main contribution to the increase in UK house prices came from England, where house prices increased by 5.3% over the year to August 2017.
Wales saw house prices increase by 3.4% over the last 12 months.
In Scotland, the average price increased by 3.9% over the year.
The average price in Northern Ireland increased by 4.4% over the year to Quarter 2 (April to June) 2017.
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 | £243,520 | 0.7% | 5.3% |
| Northern Ireland (Quarter 2 - 2017) | £128,650 | 3.1% | 4.4% |
| Scotland | £146,354 | -0.7% | 3.9% |
| Wales | £150,258 | -0.1% | 3.4% |
| East Midlands | £183,762 | 0.3% | 6.4% |
| East of England | £288,440 | 0.0% | 6.4% |
| London | £484,362 | -1.0% | 2.6% |
| North East | £130,731 | 1.4% | 3.7% |
| North West | £159,865 | 2.3% | 6.5% |
| South East | £324,983 | 1.1% | 4.8% |
| South West | £251,984 | 0.6% | 6.4% |
| West Midlands Region | £188,447 | 0.6% | 5.3% |
| Yorkshire and The Humber | £158,689 | 1.4% | 4.8% |
Price changes by country and government office region
3.3 Average price by property type
Average monthly price by property type
| Property type | August 2017 | August 2016 | Difference |
|---|---|---|---|
| Detached | £341,167 | £322,484 | 5.8% |
| Semi-detached | £211,236 | £201,559 | 4.8% |
| Terraced | £183,969 | £175,233 | 5.0% |
| Flat or maisonette | £203,205 | £194,478 | 4.5% |
| All | £225,956 | £215,143 | 5.0% |
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 at a reliable level for reporting, so they are not included in the report.
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 for more information.
4.1 Sales volumes
Number of sales by country
| Country | June 2017 | June 2016 | Difference |
|---|---|---|---|
| England | 66,082 | 74,259 | -11.0% |
| Northern Ireland (Quarter 2 - 2017) | 5,106 | 4,865 | 5.0% |
| Scotland | 10,473 | 8,782 | 19.3% |
| Wales | 3,867 | 3,812 | 1.4% |
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2013 to 2017 by country: June 2017
In June 2017, the number of property transactions completed in the UK decreased by 6.7% when compared to June 2016. Compared to May 2017, the number of property transactions completed in the UK increased by 10.5%.
5. Property status for UK
New build and existing resold property: August 2017
The first estimate for new build is based on a small sample which can cause volatility in this initial estimate.
| Property Status | Average price | Monthly change | Annual change |
|---|---|---|---|
| New build | £287,118 | 0.5% | 11.7% |
| Existing resold property | £221,798 | 0.5% | 4.5% |
6. Buyer status for Great Britain
First time buyer and former owner occupier: August 2017
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 | £190,792 | 0.5% | 4.9% |
| Former owner occupier | £262,156 | 0.6% | 5.3% |
7. Funding status for Great Britain
Cash and mortgage: August 2017
For Great Britain only, Northern Ireland data is not available for funding status.
| Funding status | Average price | Monthly change | Annual change |
|---|---|---|---|
| Cash | £215,294 | 0.4% | 5.1% |
| Mortgage | £235,923 | 0.6% | 5.2% |
8. Access the data
Download the data as CSV files or access it with our UK HPI tool.
Data revisions
View any revisions to previously published data in the data downloads or find out more about revisions in our guidance About the UK HPI.
9. 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.
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