1. Introduction
This is a high-level summary of the UK House Price Index (HPI). For full details, including commentary, historical data tables and analytical tools, please see the main publication of the House Price Index, published today (9:30am, 22 May 2019) by HM Land Registry on the GOV.UK website.
Back to table of contents2. Things you need to know about this release
The Office for Statistics Regulation designated the UK House Price Index as a National Statistic on 18 September 2018. A letter from the Director General for Regulation details the actions that were taken to meet the requirements as set out in the UK HPI assessment report.
House price inflation is the rate at which the prices of residential properties purchased in the UK rise and fall. The UK House Price Index (HPI) is a joint production by HM Land Registry, Land and Property Services Northern Ireland, the Office for National Statistics and Registers of Scotland.
The UK HPI includes all residential properties purchased for market value in the UK. However, as sales only appear in the UK HPI once the purchases have been registered, there can be a delay before transactions feed into the index. As such, caution is advised when interpreting price changes in the most recent periods as they can be revised. Further information is provided in our revision policy.
Back to table of contents3. UK annual house price growth picks up in March 2019
Average house prices in the UK increased by 1.4% in the year to March 2019, up from 1.0% in February 2019 (Figure 1). However, over the past three years, there has been a general slowdown in UK house price growth, driven mainly by a slowdown in the south and east of England.
The lowest annual growth was in London, where prices fell by 1.9% over the year to March 2019, up from a fall of 2.7% in February 2019.
Figure 1: House price growth in the UK has generally slowed since mid-2016
Annual house price rates of change, UK all dwellings from January 2006 to March 2019
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland, Office for National Statistics – UK House Price Index
Notes:
- Not seasonally adjusted.
- The full HPI release is available to download from HM Land Registry at GOV.UK.
Download this chart Figure 1: House price growth in the UK has generally slowed since mid-2016
Image .csv .xlsThe average UK house price was £227,000 in March 2019. This is £3,000 higher than the same period a year ago (March 2018) (Figure 2). On a non-seasonally adjusted basis, average house prices in the UK decreased by 0.2% between February 2019 and March 2019, compared with a fall of 0.6% in average prices during the same period a year earlier (February 2018 and March 2018). On a seasonally adjusted basis, average house prices in the UK increased by 0.1% between February 2019 and March 2019 (series available in data downloads).
Figure 2: Average UK house prices peaked at £232,000 in August 2018
Average UK house price, January 2005 to March 2019
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland, Office for National Statistics – UK House Price Index
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 prices peaked at £232,000 in August 2018
Image .csv .xls4. How do growth rates compare at the country level?
The average house price in England increased by 1.1% over the year to March 2019, up slightly from 1.0% in February 2019, with the average house price in England now £243,000. House prices in Scotland increased by 3.3% in the year to March 2019, up from 0.5% in the year to February 2019, with the average house price in Scotland now £149,000.
House price growth in Wales, increased by 3.0% in the year to March 2019, down from 3.6% in February 2019 with the average house price at £159,000. Northern Ireland house prices increased by 3.5% over the year to Quarter 1 (Jan to Mar) 2019. Northern Ireland remains the cheapest UK country to purchase a property in, with the average house price at £135,000 (Figure 3).
Figure 3: England house prices remain the highest in the UK
Average house price, by UK country, January 2005 to March 2019
Source: HM Land Registry, Registers of Scotland, Land and Property Services Northern Ireland, Office for National Statistics – UK House Price Index
Notes:
- Not seasonally adjusted.
- The full HPI release is available to download from HM Land Registry at GOV.UK.
- Northern Ireland data are only available on a quarterly basis. Northern Ireland data are copied forward until the next quarter’s data are available.
Download this chart Figure 3: England house prices remain the highest in the UK
Image .csv .xls5. Strongest English growth in the North of England and Midlands
Yorkshire and the Humber showed the highest annual growth, with prices increasing by 3.6% in the year to March 2019, this was followed by the West Midlands (3.4%).
The lowest annual growth was in London (Figure 4), where prices fell by 1.9% over the year to March 2019, up from a fall of 2.7% in February 2019. This was followed by the North East where prices fell 0.8% over the year.
Figure 4: London house prices have been falling over the year since March 2018
All dwellings annual house price rates of change, year to March 2019, by English region
Source: HM Land Registry, Office for National Statistics – UK House Price Index
Download this chart Figure 4: London house prices have been falling over the year since March 2018
Image .csv .xlsWhile London house prices are falling over the year, the area remains the most expensive place to purchase a property at an average of £463,000, followed by the South East and the East of England, at £318,000 and £287,000 respectively. The North East continues to have the lowest average house price at £123,000 and is the only English region yet to surpass its pre-economic downturn peak (Figure 5).
Figure 5: London continues to be the region with the highest average house price at £463,000
Average house price, by English region, January 2004 to March 2019
Source: HM Land Registry, Office for National Statistics – UK House Price Index
Notes:
- Not seasonally adjusted.
- The full HPI release is available to download from HM Land Registry at GOV.UK.
Download this chart Figure 5: London continues to be the region with the highest average house price at £463,000
Image .csv .xlsData at the local authority level and other breakdowns can be found in the main publication of the UK House Price Index published by HM Land Registry on GOV.UK.
Back to table of contents6. Quality and methodology
Details of the methodology used to calculate the UK House Price Index (UK HPI) can be found on the guidance page of the main release published by HM Land Registry on GOV.UK.
The UK House Price Index (HPI) Quality and Methodology Information report contains important information on:
- the strengths and limitations of the data and how it compares with related data
- uses and users of the data
- how the output was created
- the quality of the output including the accuracy of the data