UK House Price Index summary: November 2016
Published 17 January 2017
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This publication is available at https://www.gov.uk/government/statistics/uk-house-price-index-summary-november-2016/uk-house-price-index-summary-november-2016
1. Headline statistics
For November 2016:
- the average price of a property in the UK was £217,928
- the annual price change for a property in the UK was 6.7%
- the monthly price change for a property in the UK was 1.1%
- the monthly index figure for the UK was 114.3 (January 2015 = 100)
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
Housing market indicators for November suggested a period of modest increasing demand and steady growth in price levels. House prices grew by 6.7% in the year to November, 0.3 percentage points higher than October. According to the Bank of England’s Agents’ summary of business conditions, for the final quarter of 2016 (October to December) , housing market activity has recovered following a period of weakness after the EU referendum and stamp duty changes but remains weak in central London.
Between 2012 and the beginning of 2016, annual house price growth in London was generally the fastest of all regions in the UK. Annual house price growth in the East of England and the South East has now surpassed that of London for the 4th month in a row.
In terms of housing demand, the Royal Institution of Chartered Surveyors (RICS) market survey for November reported a modest increase in new buyer enquiries. According to the Bank of England, the volume of lending approvals for house purchase (seasonally adjusted) increased by 0.2% from October to November 2016, 3.7% lower than November 2015. The number of home sales in the UK (seasonally adjusted) increased by 0.8% between October and November 2016 according to UK Property Transaction statistics, 7.3% lower than November 2015.
On the supply side, RICS reported no change in new sales listings in November 2016 compared to October 2016. ONS Construction output in October 2016 reported total new housing was 12.6% higher than in October 2015.
3. Price changes
3.1 Annual price change
Annual price change for UK by country over the past five years
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 | £234,278 | 1.1% | 7.2% |
| Northern Ireland (Quarter 3 - 2016) | £124,093 | 0.8% | 5.4% |
| Scotland | £143,033 | 1.5% | 3.3% |
| Wales | £146,742 | -0.2% | 4.1% |
| East Midlands | £176,524 | 1.7% | 7.3% |
| East of England | £278,349 | 0.9% | 10.5% |
| London | £481,648 | 1.8% | 8.1% |
| North East | £126,989 | 1.3% | 3.2% |
| North West | £150,249 | 1.1% | 5.2% |
| South East | £313,334 | 0.3% | 8.6% |
| South West | £239,371 | 0.5% | 5.7% |
| West Midlands Region | £181,372 | 2.2% | 7.4% |
| Yorkshire and The Humber | £152,418 | 1.1% | 5.1% |
Price changes by country and government office region
3.3 Average price by property type
Average monthly price by property type
| Property type | November 2016 | November 2015 | Difference |
|---|---|---|---|
| Detached | £331,359 | £308,063 | 7.6% |
| Semi-detached | £204,033 | £191,453 | 6.6% |
| Terraced | £175,034 | £165,656 | 5.7% |
| Flat or maisonette | £182,404 | £184,150 | -0.9% |
| All | £217,928 | £204,222 | 6.7% |
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: September 2016
Number of sales by country
| Country | September 2016 | September 2015 | Difference |
|---|---|---|---|
| England | 64,311 | 82,452 | -22.0% |
| Northern Ireland (Quarter 3 - 2016) | 5,200 | 5,820 | -10.7% |
| Scotland | 9,352 | 8,618 | 8.5% |
| Wales | 3,492 | 3,896 | -10.4% |
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2012 to 2016 by country: September 2016
5. Property status for UK
New build and existing resold property
| Property Status | Average price | Monthly change | Annual change |
|---|---|---|---|
| New build | £305,121 | 10.4% | 27.0% |
| Existing resold property | £212,383 | 0.4% | 5.3% |
Note: the first estimate for new build is based on a small sample which can cause volatility in this initial estimate.
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 | £183,482 | 1.1% | 6.6% |
| Former owner occupier | £253,087 | 1.1% | 6.9% |
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 | £207,528 | 1.1% | 6.4% |
| Mortgage | £227,358 | 1.1% | 6.9% |
8. 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 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.
9. Access the data
Download the data as CSV files or access it with our UK HPI tool.
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