Property prices dip across England and London – UK HPI

Transactions ticked up by 1% in August - but deal numbers are still far below 2015 levels

The average property value in England dipped by the smallest of margins, -0.1%, between September and October, but annual growth still stands at +7.4%, according to the latest from the Land Registry and ONS.

Greater London saw a more pronounced monthly fall, of 1.2%, leaving annual price inflation at +7.7% and the average London home costing £474,475.

Price growth elsewhere – +1% in Wales – means that overall UK house prices held pretty static between September and October, nudging up by just 0.1% to deliver annual price growth of +6.9%.

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

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

Breaking it down by region:

  • the East of England experienced the greatest increase in its average property value over the last 12 months with a movement of 12.3%
  • the East of England also experienced the greatest monthly growth with an increase of 1.3%
  • the North East saw the lowest annual price growth with an increase of 2.7%
  • the North East also saw the most significant monthly price fall with a movement of -1.3%.

Price changes by country and government office region

Sales numbers – which have more of a time lag for these official stats – still look to be a severe way off last year’s level; the most up-to-date confirmed numbers from the Land Registry tell us that, during August 2016, the number of completed house sales in England fell by 20.3% to 67,396 (compared with 84,565 in August 2015), and that the number of completed house sales in London fell by 39.3% to 6,607 (compared with 10,881 in August 2015).

Sales volumes for 2012 to 2016 by country (August 2016)

Price change by region for England

England by region Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
East Midlands 1.0 7.5 £176,084
East of England 1.3 12.3 £279,148
London -1.2 7.7 £474,475
North East -1.3 2.7 £124,749
North West -1.2 4.6 £148,586
South East 0.5 9.1 £312,509
South West 0.2 7.2 £240,322
West Midlands -0.7 6.2 £177,937
Yorkshire and The Humber -0.2 4.2 £150,401

Average price by property type for England

Average price by property type (England) October 2016 October 2015 Difference %
Detached £354,120 £326,398 8.5
Semi-detached £215,616 £200,651 7.5
Terraced £185,774 £175,715 5.7
Flat/maisonette £219,583 £202,376 8.5
All £232,655 £216,676 7.4

Average price by property type for London

Average price by property type (London) October 2016 October 2015 Difference %
Detached £895,564 £824,799 8.6
Semi-detached £575,713 £525,228 9.6
Terraced £483,942 £455,397 6.3
Flat/maisonette £420,211 £389,400 7.9
All £474,475 £440,484 7.7

Sales volumes for England

Month Sales 2016 England Sales 2015 England Difference %
July 66,870 93,040 -28.1
August 67,396 84,565 -20.3

Sales volumes for London

Month Sales 2016 London Sales 2015 London Difference %
July 7,074 12,481 -43.3
August 6,607 10,881 -39.3

Funding, buyer and building status for England

England Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
Cash -0.1 6.8 £218,187
Mortgage 0.0 7.7 £239,958
First time buyer -0.3 7.0 £194,768
Former owner occupier 0.1 7.6 £264,433
New build 11.7 30.5 £335,281
Existing resold property -0.9 5.8 £226,348

Funding, buyer and building status for London

London Monthly change % since September 2016 Annual change % since October 2015 Average price October 2016
Cash -1.4 7.3 £498,567
Mortgage -1.1 7.8 £467,049
First time buyer -1.1 7.9 £415,197
Former owner occupier -1.2 7.6 £535,020
New build 9.7 29.3 £565,003
Existing resold property -2.0 6.0 £467,443