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Home News World News Europe United Kingdom

UK House Price Index for October 2022.

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

Ivan Golden by Ivan Golden
9 months ago
in United Kingdom
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Table of Contents

  • England.
    • Price change by region for England.
    • Repossession sales by volume for England.
    • Average price by property type for England.
    • Funding and buyer status for England.
    • Building status for England.
  • London.
    • Average price by property type for London
    • Funding and buyer status for London.
    • Building status for London.
  • Wales.
    • Average price by property type for Wales.
    • Funding and buyer status for Wales.
    • Building status for Wales.
  • UK house prices.
  • Background.

 

The October data shows:

  • on average, house prices have risen by 0.3% since September 2022.
  • there has been an annual price rise of 12.6% which makes the average property in the UK valued at £296,422.

 

England.

In England, the October data shows that, on average, house prices have risen 0.2% since September 2022. The annual price rise of 13.2% takes the average property value to £316,073.

The regional data for England indicates that:

  • the North East experienced the greatest annual price rise, up by 17.3%
  • the North East experienced the greatest monthly growth, with an increase of 1.9%
  • London saw the lowest annual price growth, with an increase of 6.7%
  • London saw the most significant monthly price fall, with a movement of –0.9%

 

Price change by region for England.

Region Average price October 2022 Annual change % since October 2021 Monthly change % since September 2022
East Midlands £254,079 13.9 0
East of England £362,865 11.5 0
London £541,720 6.7 -0.9
North East £168,367 17.3 1.9
North West £220,292 16.1 0.5
South East £404,990 12 0.1
South West £339,206 14.9 0.5
West Midlands £257,382 14.6 0.9
Yorkshire and the Humber £214,036 15.1 0.2

 

Repossession sales by volume for England.

The lowest number of repossession sales in August 2022 was in the East Midlands.

The highest number of repossession sales in August 2022 was in the North West.

Repossession sales August 2022
East Midlands 2
East of England 4
London 12
North East 13
North West 38
South East 14
South West 9
West Midlands 7
Yorkshire and the Humber 17
England 116

 

Average price by property type for England.

Property type October 2022 October 2021 Difference %
Detached £498,885 £443,756 12.4
Semi-detached £303,336 £265,189 14.4
Terraced £258,717 £225,569 14.7
Flat/maisonette £256,437 £234,156 9.5
All £316,073 £279,281 13.2

 

Funding and buyer status for England.

Transaction type Average price October 2022 Annual price change % since October 2021
Monthly price change % since September 2022
Cash £296,059 13 0.5
Mortgage £326,047 13.3 0.1
First-time buyer £262,441 13.6 0.3
Former owner occupier £362,469 12.8 0.2

 

Building status for England.

Building status Average price October 2022 Annual price change % since October 2021 Monthly price change % since September 2022
New build £415,178 23.9 3.4
Existing resold property £306,621 12.3 1.3

London.

London shows, on average, house prices have fallen by 0.9% since September 2022. An annual price rise of 6.7% takes the average property value to £541,720.

 

Average price by property type for London

Property type October 2022 October 2021 Difference %
Detached £1,108,042 £1,055,347 5
Semi-detached £704,647 £654,905 7.6
Terraced £595,324 £549,320 8.4
Flat/maisonette £447,689 £424,759 5.4
All £541,720 £507,712 6.7

 

Funding and buyer status for London.

Transaction type Average price October 2022 Annual price change % since October 2021 Monthly price change % since September 2022
Cash £556,416 4.9 -1.1
Mortgage £536,164 7.1 -0.9
First-time buyer £467,446 7 -0.7
Former owner occupier £622,839 6.2 -1.2

 

Building status for London.

Building status Average price October 2022 Annual price change % since October 2021 Monthly price change % since September 2022
New build £573,994 14.6 1.8
Existing resold property £544,556 6.1 0.7

 

Wales.

Wales shows, on average, house prices have risen by 0.1% since September 2022. An annual price rise of 11.8% takes the average property value to £223,824.

There were 11 repossession sales for Wales in August 2022.

 

Average price by property type for Wales.

Property type October 2022 October 2021 Difference %
Detached £343,145 £310,866 10.4
Semi-detached £217,205 £193,319 12.4
Terraced £175,214 £154,502 13.4
Flat/maisonette £138,647 £128,085 8.2
All £223,824 £200,151 11.8

 

Funding and buyer status for Wales.

Transaction type Average price October 2022 Annual price change % since October 2021 Monthly price change % since September 2022
Cash £215,998 11.1 -0.2
Mortgage £228,335 12.1 0.2
First-time buyer £193,018 12.4 0.1
Former owner occupier £260,059 11.2 0

 

Building status for Wales.

Building status Average price October 2022 Annual price change % since October 2021 Monthly price change % since September 2022
New build £313,397 25.3 2.7
Existing resold property £214,280 13.6 0.6

 

UK house prices.

The annual percentage change for average UK house prices was 12.6% in the year to October 2022, compared with 9.9% in the year to September 2022 and 12.9% in the year to August 2022.

The UK Property Transactions Statistics showed that in October 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 108,480. This is 38.0% higher than a year ago (October 2021). Between September and October 2022, UK transactions increased by 2.3% on a seasonally adjusted basis.

House price growth was strongest in the North East where prices increased by 17.3% in the year to October 2022. The lowest annual growth was in London, where prices increased by 6.7% in the year to October 2022.

See the economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. As with other indicators in the housing market, which typically fluctuate from month to month, it is important not to put too much weight on one month’s set of house price data.

Access the full UK HPI

 

Background.

  1. We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the November 2022 UK HPI at 9:30am on Wednesday 18 January 2023. See calendar of release dates.
  2. We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.
  3. The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.
  4. Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.
  5. Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI for more information.
  6. HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.
  7. The Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price, including HM 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 the ONS and Northern Ireland Statistics & Research Agency.
  8. We take the UK Property Transaction statistics from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We make adjustments for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in aparticular month.
  9. UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.
  10. 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.
  11. The UK HPI reflects the final transaction price for sales of residential property. 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.
  12. HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that are sold for full market value.
  13. The HM 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).
  14. Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.
  15. For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.
  16. Repossession sales data is available from April 2016 in CSV format. Find out more information about repossession sales.
  17. We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.
  18. HM Land Registry’s purpose is to protect land ownership and provide services and data that underpin an efficient and informed property market.
  19. HM Land Registry is a government department created in 1862. Its vision is: “A world-leading property market as part of a thriving economy and a sustainable future.”
  20. HM Land Registry safeguards land and property ownership worth in excess of £8 trillion, including over £1 trillion of mortgages. The Land Register contains more than 26 million titles showing evidence of ownership for some 88% of the land mass of England and Wales.

 

Sources: THX News, H M Land Registry & UK Government.

Tags: House Price IndexUK GovernmentUK House Price IndexUK House Prices
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Ivan Golden

Ivan Golden

Ivan Golden is a global citizen, having lived in locations across the US, Philippines and UK. His career has been marked by success - starting as a Tennis Pro before he turned his talents to bookselling and fine art dealing.

Married with six children, he's passionate about providing them opportunities for learning through his news, travel and education platform THX News; designed to restore faith in journalism via objective reporting, careful checking of facts, and real reporting.

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