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This publication is available at https://www.gov.uk/government/publications/uk-house-price-index-summary-february-2019/uk-house-price-index-summary-february-2019
1. Headline statistics for February 2019
the average price of a property in the UK was
the annual price change for a property in the UK was
the monthly price change for a property in the UK was
the monthly index figure (January 2015 = 100) for the UK was
Estimates for the most recent months are provisional and are likely to be updated as more data is incorporated into the index. Read Revisions to the UK HPI data.
Next publication of UK HPI
The March 2019 UK HPI will be published at 9.30am on Wednesday 22 May 2019. See the calendar of release dates.
2. Economic statement
UK house prices grew by 0.6% in the year to February 2019, down from 1.7% in the year to January 2019. This is the lowest annual growth for the UK since September 2012, when house prices increased by 0.4%.
House price growth was strongest in Wales where prices increased by 4.1% in the year to February 2019, followed by the North West, increasing by 4.0%. The lowest annual growth was in London, where prices fell by 3.8% over the year to February 2019, down from a fall of 2.2% in January 2019. This was followed by the South East where prices fell 1.8% over the year, its first fall over the year since October 2011.
The Bank of England’s Agents’ summary of business conditions – 2019 Q1 reported that sentiment in the housing market continued to weaken, with Brexit-related uncertainty deterring buyers. Sales of new-builds also slowed, leading to housebuilders offering significant incentives to complete sales.
The Royal Institution of Chartered Surveyors’ (RICS) February 2019 UK Residential Market Survey results continue to signal a subdued market, with enquiries, sales and new instructions all remaining subdued. Demand fell for the seventh consecutive month with a further decline in new instructions also reported.
The UK Property Transactions Statistics for February 2019 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 101,780. This is 2.7% higher than a year ago. Between January 2019 and February 2019, transactions increased by 1.7%.
The Bank of England’s Money and Credit release showed that mortgage approvals for house purchase (an indicator of future lending) fell back in February, to 64,300, slightly below the average of the previous six months of 65,500.
3. Price changes
3.1 Annual price change
Annual price change for UK by country over the past 5 years
Download this chart’s data (CSV, 1KB)
Average house prices in the UK increased by 0.6% in the year to February 2019 (down from 1.7% in January 2019).
At the country level, the largest annual price growth was recorded in Wales, increasing by 4.1% over the year to February 2019.
The average price in England increased by 0.4% over the year.
Scotland saw house prices fall by 0.2% over the last 12 months.
In Northern Ireland, the average house price increased by 5.5% over the year to quarter 4 (Oct to Dec) 2018.
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|
|Northern Ireland (Quarter 4 - 2018)||£136,669||1.3%||5.5%|
|East of England||£290,137||0.5%||0.6%|
|Yorkshire and The Humber||£155,685||-2.5%||0.0%|
Price changes by country and government office region
On a non-seasonally adjusted basis, average house prices in the UK fell by 0.8% between January 2019 and February 2019, compared with an increase of 0.3% in average prices during the same period a year earlier (January 2018 and February 2018). On a seasonally adjusted basis, average house prices in the UK fell by 0.4% between January 2019 and February 2019.
Note that the Northern Ireland figure represents a three-month change and is not comparable with the other regions and countries.
3.3 Average price by property type
Average monthly price by property type
|Property type||February 2019||February 2018||Difference|
|Flat or maisonette||£197,693||£203,309||-2.8%|
4. Sales volumes
The amount of time between the sale of a property and the registration of this information varies. It typically ranges between 2 weeks and 2 months but can be longer. 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. Published transactions for recent months will increase as later registered transactions are incorporated into the index.
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 volumes by country
|Country||December 2018||December 2017|
|Northern Ireland (Quarter 4 - 2018)||5,736||6,784|
Note: The ‘Difference’ column has been removed from this table as the latest month’s data are not yet complete.
The estimate for December 2018 is calculated based on around 85% of the final registered transactions. The number of property transactions for December 2018 will increase as more transactions are incorporated into the index.
Comparing the provisional volume estimate for December 2017 with the provisional estimate for December 2018, volume transactions fell by 2.0% in England, 8.2% in Scotland, 5.1% in Wales and increased by 4.3% in Northern Ireland.
UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, volume transactions fell by 7.2% in England, 8.9% in Scotland and 6.3% in Wales in the year to December 2018.
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2014 to 2018 by country: December
The estimate for December 2018 is calculated based on around 85% of the final registered transactions. The number of property transactions for December 2018 will increase as more transactions are incorporated into the index. See our Revisions Policy for more information.
Comparing the provisional volume estimate for December 2017 with the provisional estimate for December 2018, volume transactions fell by 2.4%.
UK Property Transaction Statistics published by HM Revenue & Customs (which differ in coverage but are more complete for this period) report that on a non-seasonally adjusted basis, UK volume transactions fell by 7.3% in the year to December 2018.
5. Property status for UK
Transactions involving the creation of a new register, such as new builds, are more complex and need more time to process. This means they can take longer to appear in the land registers. The volume of new build transactions for the most recent 2 months are not at a reliable level for reporting the breakdown between new build and existing resold property, so they are not included in the report.
New build and existing resold property
|Property status||Average price December 2018||Monthly change||Annual change|
|Existing resold property||£226,115||-0.4%||2.0%|
Note: Since October 2017 release, amendments have been made to our estimation model when calculating our provisional estimate. Find out further information and the impact of this change in methods used to produce the UK HPI.
6. Buyer status for Great Britain
First time buyer and former owner occupier
For Great Britain only, Northern Ireland data is not available for buyer status.
|Type of buyer||Average price February 2019||Monthly change||Annual change|
|First time buyer||£190,438||-0.6%||0.3%|
|Former owner occupier||£262,759||-1.0%||0.7%|
7. Funding status for Great Britain
Cash and mortgage
For Great Britain only, Northern Ireland data is not available for funding status.
|Funding status||Average price February 2019||Monthly change||Annual change|
8. Access the data
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.
David Lockett, Product Manager, HM Land Registry
Telephone 0300 0068317
Rhys Lewis, Head of Housing Market Indices, Office for National Statistics
Telephone 01633 456400
Ciara Cunningham, Statistician for the Northern Ireland HPI
Telephone 028 90 336035
Ailsa Robertson, Land & Property Data Team Manager, Registers of Scotland
Telephone 0131 357 8193