UK house prices increased by 5.4% in the year to September (up from +4.8% in August), according to the latest HPI from the Land Registry and ONS, after a 0.4% rise in a month. That takes the average property value in the UK to £226,367 (£11,000 higher than in September 2016, and £1,000 higher than last month).
Annual house price rates of change, UK all dwellings from January 2006 to September 2017
Average UK house price, January 2005 to September 2017
London – by far the most expensive region – is still dragging the inflation averages down, racking up just 2.5% annual price growth, compared to +5.7% across the rest of England. The capital and Scotland are the only two UK regions to post negative price growth in the latest month’s data (-0.2% and -1.3% respectively).
It’s the second consecutive monthly price drop in London, from a peak average value of £490,000 in July 2017, to £485,000 in August – and now down a smidge more to £484,000 in September 2017 (the latest UK HPI data).
The North West, South West and East Midlands have seen the highest property inflation over the last year.
|Country and government office region||Price||Monthly change||Annual change|
|Northern Ireland (Quarter 3 – 2017)||£132,169||3.0%||6.0%|
|East of England||£289,301||0.3%||5.9%|
|Yorkshire and The Humber||£158,884||1.0%||5.6%|
The local authority showing the largest annual growth in the year to September 2017 was Hinckley and Bosworth, where prices increased by 15.9% to stand at £215,000. The lowest annual growth was recorded in Halton, where prices fell by 5.2% to stand at £127,000.
In September 2017, the most expensive borough to live in was Kensington & Chelsea, where the cost of an average house was £1.2m. In contrast, the cheapest area to purchase a property was Blaenau Gwent, where an average house cost £85,000.