UK house prices increased by 7.2% in the year to February 2015, down from 8.4% in the year to January 2015
House price annual inflation was 7.4% in England, 1.1% in Wales, 6.4% in Scotland and 14.2% in Northern Ireland
Annual house price growth is showing signs of slowing across the majority of the UK
Annual house price increases in England were driven by an annual increase in the East of 10.7% and in London of 9.4%
Excluding London and the South East, UK house prices increased by 5.9% in the 12 months to February 2015
On a seasonally adjusted basis, average house prices increased by 0.6% between January and February 2015
In February 2015, prices paid by first-time buyers were 7.4% higher on average than in February 2014. For owner-occupiers (existing owners), prices increased by 7.2% for the same period
The Office for National Statistics (ONS) House Price Index (HPI), previously published by the Department for Communities and Local Government (DCLG), is a monthly release that publishes figures for mix-adjusted average house prices and house price indices for the UK, its component countries and regions.
The index is calculated using mortgage financed transactions that are collected via the regulated mortgage survey by the Council of Mortgage Lenders. These cover the majority of mortgage lenders in the UK. The HPI complements other measures of inflation published by us such as the consumer price indices, the producer price indices and the services producer price indices.
This statistical bulletin provides comprehensive information on the change in house prices on a monthly and annual basis. It also includes analysis by country, region, type of buyer (first-time buyers and former owner-occupiers) and type of dwelling (new dwelling or pre-owned dwelling). Historical series for all accompanying tables that transferred from DCLG are also available in the data section of this release.
The figures published in this release are not seasonally adjusted unless otherwise stated.Nôl i'r tabl cynnwys
UK average house prices increased by 7.2% over the year to February 2015, down from an increase of 8.4% in the year to January 2015. This follows the house price increases the UK has experienced since April 2012 (Figure 1) and is driven in large part by increases in London. The average UK mix-adjusted house price in February 2015 was £268,000.
In February 2015, the UK mix-adjusted house price index reached 206.1 (Figure 2). This is 0.8% lower than the record level witnessed in August 2014, when the index reached 207.7 but 11.1% higher than the pre-economic downturn peak of 185.5 in January 2008.
On a seasonally adjusted basis, average house prices increased by 0.6% between January and February 2015, compared to an increase of 1.8% in average prices during the same period a year earlier.
Table A: house price index - summary of UK all dwellings, February 2015
|House Price Index: UK All Dwellings|
|Index||Percentage 12 month change||Index||Percentage monthly change||£|
|Source: Office for National Statistics|
|1. Average house prices are not comparable between years as they reflect a different mix of houses being transacted. Indices have been chain linked so they are comparable year-on-year. For more information please see the re-weighting section in the background notes|
|2. SA = Seasonally adjusted|
|3. NSA - Not seasonally adjusted|
Download this table Table A: house price index - summary of UK all dwellings, February 2015.xls (33.8 kB)
During the year to February 2015, average house prices increased 7.4% in England, 1.1% in Wales, 6.4% in Scotland and 14.2% in Northern Ireland (Figure 3). This is the highest annual increase in Northern Ireland since November 2007.
In February 2015, the Welsh house price index fell back from the record level witnessed in January 2015 (Figure 4).
The index for Wales reached 218.3 in February 2015. This is down 2.4% from the record level witnessed in January 2015 (223.7). Wales prices have now also fallen back below the pre-economic downturn peak of 222.1 in January 2008. The index for England (203.8) in February 2015 is 0.7% below the record level of 205.3 in August 2014. However, house prices in England are 12.7% higher than the pre-economic downturn peak in January 2008 of 180.8. The index for Scotland (228.6) in February 2015 is 2.7% below the record level witnessed in August 2014 (234.9). Scotland prices are now 0.9% below the pre-economic downturn peak of June 2008 (230.6). The index for Northern Ireland (160.2) in February 2015 is 43.1% below the peak of August 2007 (281.5).
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Annual house price growth is continuing to show signs of slowing in the majority of the 9 English regions (Figure 5). The largest annual increase was in the East at 10.7% followed by London (9.4%) and the South East (7.8%). The lowest growth in February 2015 was in the North West; here prices increased by 3.7% over the year. Excluding London and the South East, UK house prices increased by 5.9% over the year to February 2015.
The East of England has seen house prices increase to record levels in February 2015. No other region of England is currently at a record level.
The price index for the East of England reached a record level of 191.2 in February 2015 (Figure 6). This is up 0.5% from last month (190.2) and 0.5% higher than the previous record in December 2014 (190.3).
The price index for London is now 2.4% below the record level of 243.5 in August 2014 with an index of 237.7 in February 2015. However, the London index is 36.2% higher than the pre-economic downturn peak in January 2008 (174.5).
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Average mix-adjusted house prices in February 2015 stood at £280,000 in England, £170,000 in Wales, £152,000 in Northern Ireland and £194,000 in Scotland (Figure 7).
In February 2015, London continued to be the English region with the highest average house price at £490,000 and the North East had the lowest average house price at £153,000. London, the South East and the East all had prices higher than the UK average price of £268,000.
Excluding London and the South East, the average UK mix-adjusted house price was £207,000.
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The average price for properties bought by first-time buyers increased by 7.4% over the year to February 2015, down from an increase of 9.7% in January 2015 (Figure 8). In February 2015, the average price paid for a house by a first-time buyer was £205,000.
The average price for properties bought by former owner-occupiers (existing owners) increased by 7.2% in the year to February 2015, down from an increase of 7.8% in January 2015. In February 2015, the average price paid for a house by a former owner-occupier was £312,000.
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During the year to February 2015, prices paid for new dwellings increased by 2.5% on average, compared with an increase of 6.2% in the year to January 2015 (Figure 9). The average UK house price for new dwellings in February 2015 was £256,000.
During the year to February 2015, prices paid for pre-owned dwellings increased by 7.6% on average, compared with an increase of 8.5% in the year to January 2015. The average UK house price for pre-owned dwellings in February 2015 was £269,000.
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ONS HPI monthly and quarterly reference tables (3.56 Mb Excel sheet) (number 1 to 19). This reference table provides full historical series for the monthly tables accompanying the house price index statistical bulletin. This month, tables 1 to 9 have been updated with the latest monthly estimates for February 2015. The seasonally adjusted figures for the last 12 months in Table 7 have also been revised this month as scheduled.
ONS HPI annual tables (1.18 Mb Excel sheet) (number 20 to 39). This reference table contains all the annual HPI tables. No annual tables have been updated this month. The next scheduled update of this table is July 2015.
ONS weights summary (79.5 Kb Excel sheet) . This reference table provides a summary of the aggregated mix-adjustment weights used in the production of the HPI for the period 2011 to 2015. The mix-adjustment weights are updated in the February HPI each year.Nôl i'r tabl cynnwys
A formal response to the October 2014 joint consultation on a proposed single official house price index was published on Friday 6 March 2015.
For further information, please contact email@example.comNôl i'r tabl cynnwys
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