UK House Price Index summary: April 2018
Published 13 June 2018
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This publication is available at https://www.gov.uk/government/statistics/uk-house-price-index-summary-april-2018/uk-house-price-index-summary-april-2018
1. Headline statistics for April 2018
the average price of a property in the UK was
£226,906
the annual price change for a property in the UK was
3.9%
the monthly price change for a property in the UK was
1.2%
the monthly index figure (January 2015 = 100) for the UK was
119.0
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 May 2018 UK HPI will be published at 9.30am on Wednesday 18 July 2018. See the calendar of release dates.
2. Economic statement
UK house prices rose by 3.9% in the year to April 2018, down from 4.2% in the year to March 2018.
Looking at the demand for housing, the Royal Institution of Chartered Surveyors’ (RICS) UK Residential Market Survey for April 2018 revealed their new buyer enquiries series was more or less unchanged during April.
On the supply side, RICS reported their new instructions continued to decline. Average stock levels for estate agents remain near a record low. Both sales and price expectations continue to be flat in the near term; however, there is greater optimism in the longer-term outlook, particularly for prices.
In the Bank of England’s Agents’ summary of business conditions for the period covering late February to mid-April, Agents reported subdued market activity overall. Both demand and supply were weak in the market for existing properties, whereas demand for new builds had been robust, supported by Help to Buy. There was some excess supply in the south and excess demand in the north, leading to a modest excess of supply overall.
The UK Property Transaction Statistics for April 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 100,190. This is 2.7% lower compared to a year ago. Between March and April 2018, transactions increased by 3.5%.
The Bank of England’s Money and Credit release showed that on a seasonally adjusted basis, 62,455 mortgages were approved in April 2018. This is a decrease of 347 from the previous month and is below the 6-month average of 63,968. Mortgage approvals are seen to be a leading indicator of transactions volumes.
Looking at the country and English regional level, the South West was the fastest growing region with an annual growth rate of 6.1%, up from 5.3% in the previous month. This was closely followed by the West Midlands at 5.9%. London was the slowest growing region at 1%, up from -0.5% in the previous month. This is the 6th consecutive month that London has the lowest annual growth rate of any UK country or English region.
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 have increased by 3.9% in the year to April 2018 (down from 4.2% in March 2018).
At the country level, the largest annual price growth was recorded in Scotland, where house prices increased by 5.6% over the year to April 2018.
Wales saw house prices increase by 4.4% over the last 12 months.
In England, the average price increased by 3.7% over the year.
The average price in Northern Ireland increased by 4.2% over the year to quarter 1 (January to March) 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 |
|---|---|---|---|
| England | £243,639 | 1.1% | 3.7% |
| Northern Ireland (Quarter 1 - 2018) | £130,026 | 0.3% | 4.2% |
| Scotland | £148,952 | 2.5% | 5.6% |
| Wales | £156,495 | 1.6% | 4.4% |
| East Midlands | £186,480 | 1.3% | 4.8% |
| East of England | £286,447 | -0.8% | 2.5% |
| London | £484,584 | 2.4% | 1.0% |
| North East | £130,489 | 4.2% | 4.5% |
| North West | £155,868 | 0.0% | 2.4% |
| South East | £324,530 | 0.9% | 3.5% |
| South West | £255,207 | 1.8% | 6.1% |
| West Midlands Region | £192,090 | 0.8% | 5.9% |
| Yorkshire and The Humber | £158,545 | 1.4% | 3.5% |
Download this table’s data (CSV, 1KB)
Price changes by country and government office region
On a seasonally adjusted basis, average house prices in the UK increased by 0.7% between April 2018 and March 2018, compared with an increase of 0.5% in average prices during the same period a year earlier.
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 | April 2018 | April 2017 | Difference |
|---|---|---|---|
| Detached | £342,154 | £329,648 | 3.8% |
| Semi-detached | £214,717 | £203,912 | 5.3% |
| Terraced | £184,304 | £176,044 | 4.7% |
| Flat or maisonette | £202,052 | £199,983 | 1.0% |
| All | £226,906 | £218,481 | 3.9% |
Download this table’s data (CSV, 1KB)
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 volumes by country
| Country | February 2018 | February 2017 | Difference |
|---|---|---|---|
| England | 51,340 | 60,662 | -15.4% |
| Northern Ireland (Quarter 1 - 2018) | 4,545 | 5,187 | -12.4% |
| Scotland | 5,288 | 5,816 | -9.1% |
| Wales | 2,947 | 3,225 | -8.6% |
Download this table’s data (CSV, 1KB)
4.2 Sales volumes for the UK over the past 5 years
Sales volumes for 2014 to 2018 by country: February
Download this table’s data (CSV, 1KB)
In February 2018, the number of property transactions completed in the UK decreased by 16.8% when compared to February 2017. Compared to January 2018, the number of property transactions completed in the UK decreased by 4.9%.
The estimate for February 2018 is calculated based on around 90% of the final registered transactions. It is likely that the number of property transactions for February 2018 will increase as more transactions are incorporated into the index.
See our revisions policy for more information.
5. Property status for UK
New build and existing resold property
| Property Status | Average price February 2018 | Monthly change | Annual change |
|---|---|---|---|
| New build | £297,238 | 6.4% | 11.5% |
| Existing resold property | £220,551 | 0.0% | 4.1% |
Download this table’s data (CSV, 1KB)
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 April 2018 | Monthly change | Annual change |
|---|---|---|---|
| First time buyer | £191,646 | 1.4% | 3.8% |
| Former owner occupier | £263,098 | 1.0% | 3.9% |
Download this table’s data (CSV, 1KB)
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 April 2018 | Monthly change | Annual change |
|---|---|---|---|
| Cash | £216,066 | 1.1% | 3.6% |
| Mortgage | £236,928 | 1.3% | 4.0% |
Download this table’s data (CSV, 1KB)
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