1. Introduction
This is a high-level summary of the UK House Price Index (HPI), which replaces the previous house price indices separately published by the HM Land Registry and the Office for National Statistics. For full details, including commentary, historical data tables and analytical tools please see the main publication of the new House Price Index, published today (21 March 2017) on the GOV.UK website.
The UK HPI is a joint production by HM Land Registry, Land and Property Services Northern Ireland, Office for National Statistics and Registers of Scotland.
Nôl i'r tabl cynnwys2. UK all dwellings
Average house prices in the UK have increased by 6.2% in the year to January 2017 (up from 5.7% in the year to December 2016), continuing the strong growth seen since the end of 2013. However, this still remains below the average annual house price growth seen in 2016 of 7.4%.
Figure 1: Annual house price rates of change, UK all dwellings from January 2006 to January 2017
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland and Office for National Statistics
Notes:
- Not seasonally adjusted.
- The full HPI release is available to download from HM Land Registry at GOV.UK.
Download this chart Figure 1: Annual house price rates of change, UK all dwellings from January 2006 to January 2017
Image .csv .xlsThe average UK house price was £218,000 in January 2017. This is £13,000 higher than in January 2016 and £1,000 higher than last month.
Figure 2: Average UK house price, January 2005 to January 2017
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland and Office for National Statistics
Notes:
- Not seasonally adjusted.
- The full HPI release is available to download from HM Land Registry at GOV.UK.
Download this chart Figure 2: Average UK house price, January 2005 to January 2017
Image .csv .xls3. House price index, by UK country
The main contribution to the increase in UK house prices came from England, where house prices increased by 6.5% over the year to January 2017, with the average price in England now £235,000. Wales saw house prices increase by 4.2% over the last 12 months to stand at £146,000. In Scotland, the average price increased by 4.0% over the year to stand at £142,000. The average price in Northern Ireland currently stands at £125,000, an increase of 5.7% over the last 12 months.
Figure 3: Average house price, by UK country, January 2005 to January 2017
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland and Office for National Statistics
Download this chart Figure 3: Average house price, by UK country, January 2005 to January 2017
Image .csv .xls4. House price index, by English region
On a regional basis, London continues to be the region with the highest average house price at £491,000, followed by the South East and the East of England, which stand at £319,000 and £279,000 respectively. The lowest average price continues to be in the North East at £124,000.
Figure 4: Average house price, by English region, January 2004 to January 2017
Source: HM Land Registry and Office for National Statistics
Notes:
- Not seasonally adjusted.
- The full HPI release is available to download from HM Land Registry at GOV.UK.
Download this chart Figure 4: Average house price, by English region, January 2004 to January 2017
Image .csv .xlsThe East of England is the region which showed the highest annual growth, with prices increasing by 9.4% in the year to January 2017. Growth in the South East was second highest at 8.7%, followed by London at 7.3%. The lowest annual growth was in the North East, where prices increased by 2.2% over the year.
Figure 5: All dwellings annual house price rates of change, year to January 2017: by English region
Source: HM Land Registry and Office for National Statistics
Notes:
- Not seasonally adjusted.
- The full HPI release is available to download from HM Land Registry at GOV.UK.
Download this chart Figure 5: All dwellings annual house price rates of change, year to January 2017: by English region
Image .csv .xls6. Quality and methodology
The UK House Price Index (HPI) Quality and Methodology Information document contains important information on:
- the strengths and limitations of the data
- the quality of the output: including the accuracy of the data and how it compares with related data
- uses and users
- how the output was created
7. Background information
The UK House Price Index (HPI) has been published initially as an experimental official statistic to allow for users to acclimatise to the format of the new HPI, to evaluate user reaction to the new data, to continue evolution of data publication to meet user requirements and to further develop the data sources used in the production. While the methodology for the new UK HPI has been finalised, further work is taking place to secure additional property attributes data (such as from Scottish Assessors) that will supplement and provide additional assurance to the future production process.
It is expected that we will seek to remove the experimental status once the above points have been implemented and then progress with the assessment of the new UK HPI as a National Statistic.
Please note that the Northern Ireland Residential Property Price Index, used as a component source in the production of the new UK HPI, remains an official statistic (that is, it is not classified as experimental).
In September 2016, users of the index were invited to complete a questionnaire to aid evaluation of different aspects of the main report. The responses have been used to plan future improvements.
Further information on how the new UK HPI compares with the previous Office for National Statistics and HM Land Registry House Price Indices can be found in the article Explaining the impact of the new UK HPI.
Nôl i'r tabl cynnwys