UK House Price Index (HPI) for May 2017

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House Prices:

HM Land Registry Published:18 July 2017.The UK House Price Index shows house price changes for England, Scotland, Wales and Northern Ireland.

The May data shows:

• an annual price increase of 4.7% which takes the average property value in the UK to £220,713
• the monthly house prices have risen by 0.5% since April 2017
• the monthly index figure for the UK was 115.8

The data shows:

• in England, an annual price increase of 5% which takes the average property value to £237,662. Monthly house prices have risen by 0.5% since April 2017
• in Wales, an annual price increase of 3.8% which takes the average property value to £149,817. Monthly house prices have risen by 0.6% since April 2017
• in London, an annual price increase of 3% which takes the average property value to £481,345. Monthly house prices have fallen by 0.3% since April 2017

The regional data indicates that:

• the East of England experienced the greatest increase in average property price over the last 12 months, with a movement of 7.5%
• the North East experienced both the greatest monthly price growth with an increase of 1.8% and the lowest annual price growth with a movement of 1.6%
• London and the South East saw the most significant monthly price falls of 0.3% each

The UK Property Transaction statistics showed that in May 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 13.4% compared to May 2016. The unusually low level of transactions in May 2016 was associated with the introduction of the higher tax rates on additional properties introduced from 1 April 2016. Comparing May 2017 to April 2017, property transactions fell by 3.3%. See the economic statement.

Sales during March 2017, the most up-to-date HM Land Registry figures available, show that:

• the number of completed house sales in England fell by 44.3% to 62,342 compared with 111,901 in March 2016
• the number of completed house sales in Wales fell by 35.5% to 3,451 compared with 5,354 in March 2016
• the number of completed house sales in London fell by 57.5% to 6,941 compared with 16,322 in March 2016
• there were 743 repossession sales in England in March 2017
• there were 76 repossession sales in Wales in March 2017
• the lowest number of repossession sales in England and Wales in March 2017 was in the East of England

See the full report here

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