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
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 of England||1.3||12.3||£279,148|
|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 %|
Average price by property type for London
|Average price by property type (London)||October 2016||October 2015||Difference %|
Sales volumes for England
|Month||Sales 2016 England||Sales 2015 England||Difference %|
Sales volumes for London
|Month||Sales 2016 London||Sales 2015 London||Difference %|
Funding, buyer and building status for England
|England||Monthly change % since September 2016||Annual change % since October 2015||Average price October 2016|
|First time buyer||-0.3||7.0||£194,768|
|Former owner occupier||0.1||7.6||£264,433|
|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|
|First time buyer||-1.1||7.9||£415,197|
|Former owner occupier||-1.2||7.6||£535,020|
|Existing resold property||-2.0||6.0||£467,443|