News & Events

Next Full index is due to be released:

13th February 2018

HOUSE PRICE INDEX REPORT

Headline statistics

For November 2017:

•the average price of a property in England was £226,071
•the annual price change of a property in England was 5.1%
•the monthly price change of a property in England was 0.1%
•the index figure for England (January 2015 = 100) was 118.6

UK house prices grew by 5.1% in the year to November 2017, experiencing a 0.3 percentage point decrease from the previous month.

Economic statement

The Royal Institution of Chartered Surveyors’ (RICS) UK Residential Market Survey for November 2017 (PDF, 598KB) reported that their headline near term price expectations series rose to -5% from -10% in October, meaning three month expectations are now more or less flat at the national level. Similarly, the new buyer enquiries series stabilised with a net balance of -5% of respondents noting a decline in demand (as opposed to an increase), up from -19% in October.

The UK Property Transaction Statistics for November 2017 (PDF, 825KB) showed that the number of seasonally adjusted transactions on residential properties with a value of £40,000 or greater has increased by 7.1% in the year to November 2017. Between October 2017 and November 2017, transactions increased by 0.6%.

The Bank of England’s Agents’ summary of business conditions (PDF, 713KB) reported that activity moderated in the final quarter of 2017, with demand remaining weak in the secondary market, the new builds market and in London.

Looking at the regional level, the largest annual price growth was recorded in the West Midlands at 7.2%, up from 7.1% in October 2017. It was followed by the East Midlands at 6.4%. At 2.3%, both London and the North East region showed the slowest annual growth of all UK regions. This is the 12th consecutive month where the annual growth in London has remained below the UK average.

On the supply side, RICS reported that their net balance for new instructions remained negative for the 23rd consecutive month. Stock levels reported by estate agents remained stable.

Price change

Annual price change

Annual price change for England and London over the past 5 years

2018

January 2018

Next Full index is due to be released:

21st March 2018

HOUSE PRICE INDEX REPORT

Headline statistics

For December 2017:

•the average price of a property in the UK was £226,756
•the annual price change for a property in the UK was 5.2%
•the monthly price change for a property in the UK was 0.4%
•the monthly index figure (January 2015 = 100) for the UK was 118.9

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.

Economic statement

UK house prices grew by 5.2% in the year to December 2017, up from 5.0% in the year to November 2017.

The Royal Institution of Chartered Surveyors’ UK Residential Market Survey for December 2017 (PDF, 633KB) reported their near term price expectations series remained negative at -6%. Having stabilized in the previous report, the new buyer enquiries edged lower with a net balance of -15% of respondents noting a decline in demand (as opposed to an increase), compared with -5% in November.

The UK Property Transaction Statistics for December 2017 (PDF, 829KB) showed that the number of seasonally adjusted transactions on residential properties with a value of £40,000 or greater has decreased by 0.1% in the year to December 2017. Between November 2017 and December 2017, transactions decreased by 3.9%.

On the supply side, the Royal Institution of Chartered Surveyors reported their net balance for new instructions remained negative for the 24th consecutive month. Stock levels reported by estate agents remained broadly stable; still close to historic lows. Their three month outlook for national sales expectations remained flat, whilst there is greater optimism for the twelve month outlook.

Looking at English regions, the largest annual price growth was recorded in the South West at 7.5%, up from 6.1% in the previous month. It was followed by the East and West Midlands, both growing at 6.3%. At 2.5%, London showed the slowest annual growth of all UK regions, though this is up from 2.0% in the previous month. This is the 13th consecutive month where the annual growth in London has remained below the UK average. Yorkshire and The Humber was the second slowest region, growing at 2.8%.

Price changes

Annual price change

Annual price change for UK by country over the past 5 years