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Press release: UK House Price Index (HPI) for January 2017

The January data shows an annual price increase of 6.2% which takes the average property value in the UK to £218,255. Monthly house prices have risen by 0.8% since December 2016. The monthly index figure for the UK was 114.5.

In England, the January data shows an annual price increase of 6.5% which takes the average property value to £234,794. Monthly house prices have risen by 0.7% since December 2016.

Wales shows an annual price increase of 4.2% which takes the average property value to £145,933. Monthly house prices have fallen by 0.6% since December 2016.

London shows an annual price increase of 7.3% which takes the average property value to £490,718. Monthly house prices have risen by 3% since December 2016.

The regional data indicates that:

East of England experienced the greatest increase in its average property price over the last 12 months with a movement of 9.4% London experienced the greatest monthly price growth with an increase of 3% North East saw the lowest annual price growth with an increase of 2.2% Yorkshire and the Humber saw the most significant monthly price fall with a movement of -2.6%

The Royal Institution of Chartered Surveyors’ (RICS) residential market survey for January 2017 reported little change in transaction volumes and new buyer enquiries between January 2017 and December 2016. See the economic statement.

Sales during November 2016, the most up-to-date Land Registry figures available, show that:

the number of completed house sales in England fell by 21.2% to 62,482 compared with 79,243 in November 2015

the number of completed house sales in Wales fell by 12.2% to 3,582 compared with 4,082 in November 2015 the number of completed house sales in London fell by 34.8% to 6,394 compared with 9,806 in November 2015 there were 652 repossession sales in England in November 2016 there were 58 repossession sales in Wales in November 2016 the lowest number of repossession sales in England and Wales in November 2016 was in the East of England

Access the full January UK HPI

Price change by region for England Region Monthly change % since December 2016 Annual change % since January 2016 Average price January 2016 East Midlands -0.4 5.6 £174,222 East of England 0.2 9.4 £279,231 London 3.0 7.3 £490,718 North East -1.5 2.2 £123,781 North West -0.4 4.6 £149,767 South East 2.4 8.7 £319,368 South West 1.9 7.4 £243,203 West Midlands 0.4 5.8 £179,633 Yorkshire and The Humber -2.6 2.7 £148,458 Average price by property type for England Property type January 2017 January 2016 Difference % Detached £356,726 £330,358 8.0 Semi-detached £216,227 £204,390 5.8 Terraced £187,278 £177,948 5.2 Flat/maisonette £224,390 £207,941 7.9 All £234,794 £220,361 6.5 Price change for Wales   Monthly change % since December 2016 Annual change % since January 2016 Average price January 2017 Wales -0.6 4.2 £145,933 Average price by property type for Wales Property type January 2017 January 2016 Difference % Detached £225,471 £210,134 7.3 Semi-detached £140,532 £134,724 4.3 Terraced £110,797 £108,679 1.9 Flat/maisonette £103,809 £101,492 2.3 All £145,933 £140,015 4.2 Average price by property type for London Property type January 2017 January 2016 Difference % Detached £906,513 £846,956 7.0 Semi-detached £583,500 £546,758 6.7 Terraced £502,814 £470,317 6.9 Flat/maisonette £436,765 £405,793 7.6 All £490,718 £457,466 7.3 Sales volumes for England Month Sales 2016 England Sales 2015 England Difference % October 58,853 89,884 -34.5 November 62,482 79,243 -21.2 Sales volumes for Wales Month Sales 2016 Wales Sales 2015 Wales Difference % October 3,415 4,610 -25.9 November 3,582 4,082 -12.2 Sales volumes for London Month Sales 2016 London Sales 2015 London Difference % October 6,166 11,200 -44.9 November 6,394 9,806 -34.8 Funding, buyer and building status for England Transaction type Monthly price change %since December 2016 Annual price change % since January 2016 Average price January 2017 Cash 0.5 6.1 £220,018 Mortgage 0.9 6.8 £242,256 First time buyer 0.4 6.2 £196,459 Former owner occupier 1.0 6.8 £266,960 New build 13.8 29.2 £340,103 Existing resold property -0.2 5.0 £228,340 Funding, buyer and building status for Wales Transaction type Monthly price change % since December 2016 Annual price change % since January 2016 Average price January 2017 Cash -0.8 3.6 £141,804 Mortgage -0.5 4.6 £148,388 First time buyer -0.9 3.6 £125,450 Former owner occupier -0.3 4.9 £169,924 New build 11.4 27.5 £223,116 Existing resold property -1.4 2.8 £141,729 Funding, buyer and building status for London Transaction type Monthly price change % since December 2016 Annual price change % since January 2016 Average price January 2017 Cash 2.8 7.1 £517,726 Mortgage 3.0 7.3 £482,415 First time buyer 3.1 7.5 £429,666 Former owner occupier 2.8 7.1 £553,039 New build 16.5 28.1 £588,633 Existing resold property 1.9 5.7 £483,143 Repossession Repossession sales November 2016 East Midlands 67 East of England 16 London 33 North East 82 North West 162 South East 80 South West 46 Yorkshire and The Humber 105 West Midlands 61 England 652 Wales 58 Notes to editors

The UK House Price Index (HPI) is published on the second or third Tuesday of each month with Northern Ireland figures updated quarterly. The February 2017 UK HPI will be published at 9.30am on 11 April 2017. A calendar of release dates is available.

Data for the UK HPI is provided by Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency.

The UK HPI is calculated by the Office for National Statistics and Land & Property Services/Northern Ireland Statistics and Research Agency. It applies a hedonic regression model that uses the various sources of data on property price, in particular Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from ONS and Northern Ireland Statistics & Research Agency.

The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three month moving average has been applied to the latest estimate to remove some of this volatility.

Work has been taking place since 2014 to develop a single, official HPI that reflects the final transaction price for sales of residential property in the UK. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.

Information on residential property transactions for England and Wales, collected as part of the official registration process, is provided by Land Registry for properties that are sold for full market value.

The Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).

Repossession data is based on the number of transactions lodged with Land Registry by lenders exercising their power of sale.

For England this is shown as volumes of repossessions recorded by Government Office Region. For Wales there is a headline figure for the number of repossessions recorded in Wales.

The data can be downloaded as a .csv file. Repossession data prior to April 2016 is not available. Find out more information about repossessions.

Background tables of the raw and cleansed aggregated data, in Excel and CSV formats, are also published monthly although Northern Ireland is on a quarterly basis. They are available for free use and re-use under the Open Government Licence.

As a government department established in 1862, executive agency and trading fund responsible to the Secretary of State for Business, Energy and Industrial Strategy, Land Registry keeps and maintains the Land Register for England and Wales. The Land Register has been open to public inspection since 1990.

With the largest transactional database of its kind detailing more than 24 million titles, Land Registry underpins the economy by safeguarding ownership of many billions of pounds worth of property.

For further information about Land Registry visit www.gov.uk/land-registry.

Follow us on Twitter @LandRegGov, our blog, LinkedIn and Facebook

Press and PR Manager

Marion Shelley Head Office Trafalgar House 1 Bedford Park Croydon CR0 2AQ

Email marion.shelley@landregistry.gov.uk

Telephone 0300 0067543

Mobile 07790 690297

Press Officer

Paula Dorman Head Office Trafalgar House 1 Bedford Park Croydon CR0 2AQ

Email paula.dorman@landregistry.gov.uk

Telephone 0300 0063349

https://www.gov.uk/government/news/uk-house-price-index-hpi-for-january-2017

seen at 10:30, 21 March in Announcements on GOV.UK.
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