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This publication is available at https://www.gov.uk/government/publications/uk-house-price-index-summary-july-2017/uk-house-price-index-summary-july-2017
1. Headline statistics for July 2017
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 the revision policies.
2. Economic statement
UK House prices grew by 5.1% in the year to July 2017, unchanged from the year to June 2017.
In terms of housing demand the Royal Institution of Chartered Surveyors’ (RICS) residential market survey for July 2017 reported that price expectations are close to zero while new buyer enquiries remained slightly negative.
The UK Property Transaction statistics showed that in July 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 8.3% compared to July 2016. Comparing July 2017 to June 2017, property transactions increased by 1.3%.
Looking closer at the regional level of the UK, the highest annual growth was in the East Midlands (7.5%) while the slowest annual growth was in London (2.8%) in the 12 months to July 2017. This is the 8th consecutive month when house price growth in London has remained below the UK average.
According to the Bank of England Agents’ summary of business conditions for August 2017, housing market activity has remained muted. It reported that the market for new homes remained stronger overall than the secondary market, supported by the Help to Buy scheme.
On the supply side RICS reported that new sales instructions remained negative for the seventeenth month in a row. They also report that average estate agent stock levels remain close to the all time low with a lack of supply limiting choice for potential home buyers.
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 5.1% in the year to July 2017 (unchanged from 5.1% in the year to June 2017).
The main contribution to the increase in UK house prices came from England, where house prices increased by 5.4% over the year to July 2017.
Wales saw house prices increase by 3.1% over the last 12 months.
In Scotland, the average price increased by 4.8% 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|
|Northern Ireland (Quarter 2 - 2017)||£128,650||3.1%||4.4%|
|East of England||£289,948||0.8%||7.1%|
|West Midlands Region||£189,077||1.8%||6.9%|
|Yorkshire and The Humber||£158,220||1.1%||4.5%|
Price changes by country and government office region
3.3 Average price by property type
Average monthly price by property type
|Property type||July 2017||July 2016||Difference|
|Flat or maisonette||£206,984||£194,913||6.2%|
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 complete, so they are not included in the report.
4.1 Sales volumes
Number of sales by country
|Country||May 2017||May 2016||Difference|
|Northern Ireland (Quarter 2 - 2017)||5,106||4,865||5.0%|
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2013 to 2017 by country: May 2017
In May 2017 the number of property transactions completed in the UK decreased by 0.5% when compared to May 2016. A lower level of transactions in May 2016 was associated with the introduction of the higher tax rate on additional properties introduced from 1 April 2016.
5. Property status for UK
New build and existing resold property
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|
|Existing resold property||£221,270||1.2%||4.3%|
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||Monthly change||Annual change|
|First time buyer||£191,305||1.3%||5.1%|
|Former owner occupier||£262,085||0.9%||5.4%|
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||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
Natalie Jones, Head of Housing Market Indices, Office for National Statistics
Telephone 01633 456400
Ciara Cunningham, Statistician for the Northern Ireland HPI
Telephone 028 90 336035
Rachael Fairley, Land & Property Data Team, Registers of Scotland
Telephone 07919 570915