UK House Price Index summary: May 2017
Published 18 July 2017
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This publication is available at https://www.gov.uk/government/statistics/uk-house-price-index-summary-may-2017/uk-house-price-index-summary-may-2017
1. Headline statistics for May 2017
the average price of a property in the UK was
£220,713
the annual price change for a property in the UK was
4.7%
the monthly price change for a property in the UK was
0.5%
the monthly index figure (January 2015 = 100) for the UK was
115.8
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 4.7% in the year to May 2017, 0.6 percentage points lower than in the year to April 2017. While the annual growth rate has slowed since mid-2016 it has remained broadly around 5% during 2017.
In terms of housing demand the Royal Institute of Chartered Surveyors’ (RICS) residential market survey for May 2017 reported that price expectations remain moderately positive while new buyer enquiries decreased over the month.
The UK Property Transaction statistics showed that in May 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 13.4% compared to May 2016. The unusually low level of transactions in May 2016 was associated with the introduction of thehigher tax rates on additional propertiesintroduced from 1 April 2016. Comparing May 2017 to April 2017, property transactions fell by 3.3%.
Looking closer at the regional level of the UK, the East of England showed the highest annual growth, with prices increasing by 7.5% in the year to May 2017. This was followed by the East Midlands at 7.2%. The lowest annual growth was in the North East, where prices increased by 1.6% over the year, followed by London at 3.0%.
According to the Bank of England Agents’ summary of business conditions for the second quarter of 2017, housing market activity had been subdued in most parts of the United Kingdom, as demand weakened relative to supply.
On the supply side RICS reported that new sales instructions remained negative for the fifteenth month in a row. They also report that average estate agent stock levels remain at all time lows with a lack of supply continuing to support prices.
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 4.7% in the year to May 2017 (down from 5.3% in the year to April 2017).
The main contribution to the increase in UK house prices came from England, where house prices increased by 5.0% over the year to May 2017.
Wales saw house prices increase by 3.8% over the last 12 months.
In Scotland, the average price increased by 3.5% over the year.
The average price in Northern Ireland increased by 4.3% over the year to Quarter 1 (January to March) 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 | £237,662 | 0.5% | 5.0% |
| Northern Ireland (Quarter 1 - 2017) | £124,007 | -0.8% | 4.3% |
| Scotland | £143,106 | 0.7% | 3.5% |
| Wales | £149,817 | 0.6% | 3.8% |
| East Midlands | £180,903 | 1.3% | 7.2% |
| East of England | £284,097 | 0.7% | 7.5% |
| London | £481,345 | -0.3% | 3.0% |
| North East | £126,738 | 1.8% | 1.6% |
| North West | £153,297 | 0.7% | 3.8% |
| South East | £315,807 | -0.3% | 4.8% |
| South West | £243,969 | 0.4% | 5.5% |
| West Midlands Region | £183,942 | 0.8% | 5.3% |
| Yorkshire and The Humber | £155,268 | 1.1% | 4.4% |
Price changes by country and government office region
3.3 Average price by property type
Average monthly price by property type
| Property type | May 2017 | May 2016 | Difference |
|---|---|---|---|
| Detached | £328,998 | £312,710 | 5.2% |
| Semi-detached | £207,769 | £197,445 | 5.2% |
| Terraced | £178,091 | £172,087 | 3.5% |
| Flat or maisonette | £202,267 | £192,743 | 4.9% |
| All | £220,713 | £210,872 | 4.7% |
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: March 2017
Number of sales by country
| Country | March 2017 | March 2016 | Difference |
|---|---|---|---|
| England | 62,342 | 111,901 | -44.3% |
| Northern Ireland (Quarter 1 - 2017) | 4,379 | 6,127 | -28.5% |
| Scotland | 9,144 | 11,017 | -17.0% |
| Wales | 3,451 | 5,354 | -35.5% |
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2013 to 2017 by country: March 2017
In March 2017 the number of property transactions completed in the UK decreased by 41% when compared to March 2016. The unusually high level of transactions in March 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 |
|---|---|---|---|
| New build | £286,271 | -0.1% | 9.1% |
| Existing resold property | £216,401 | 0.6% | 4.4% |
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 | £187,238 | 1.2% | 4.6% |
| Former owner occupier | £255,254 | 0.0% | 4.9% |
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 |
|---|---|---|---|
| Cash | £210,552 | 0.7% | 5.0% |
| Mortgage | £230,428 | 0.5% | 4.8% |
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