UK House Price Index – North West has greatest annual price rise

The latest UK House Price Index – HPI – has demonstrated that the North West has experienced the greatest annual price rise, up by 3.4% compared with an average of 0.1% rise across the UK.

Conversely, the North West also showed the highest number of reposession sales at 160 – 28% of the total reposession in sales in England

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

The May data shows:
– on average, house prices have risen by 0.1% since April 2019
– there has been an annual price rise of 1.2%, which makes the average property in the UK valued at £229,431

England

In England, the May data shows, on average, house prices have risen by 0.1% since April 2019. The annual price rise of 1.0% takes the average property value to £245,817.

The regional data for England indicates that:

• the South West experienced the greatest monthly price rise, up by 1.2%
• London saw the most significant monthly price fall, down by 2.5%
• the North West experienced the greatest annual price rise, up by 3.4%
• London saw the largest annual price fall, down by 4.4%

Price change by region for England

Region	Average price May 2019	Monthly change % since April 2019
East Midlands	£189,622	-1.2
East of England	£291,239	0.7
London	£457,471	-2.5
North East	£127,885	-1.0
North West	£164,261	0.8
South East	£323,745	0.9
South West	£257,563	1.2
West Midlands	£196,489	0.2
Yorkshire and the Humber	£162,520	0.4

Repossession sales by volume for England

The lowest number of repossession sales in March 2019 was in the East of England.

The highest number of repossession sales in March 2019 was in the North West.

Repossession sales	March 2019
East Midlands	41
East of England	8
London	46
North East	88
North West	160
South East	56
South West	48
West Midlands	46
Yorkshire and the Humber	82
England	575

Average price by property type for England

Property type	May 2019	May 2018	Difference %
Detached	£372,598	£368,006	1.2
Semi-detached	£232,266	£226,764	2.4
Terraced	£199,447	£197,039	1.2
Flat/maisonette	£221,261	£225,472	-1.9
All	£245,817	£243,445	1.0

Funding and buyer status for England

Transaction type	Average price May 2019	Annual price change % since May 2018	Monthly price change % since April 2019
Cash	£230,982	0.8	0.0
Mortgage	£253,270	1.0	0.2
First-time buyer	£206,075	0.8	0.2
Former owner occupier	£279,156	1.1	0.1

Building status for England

Building status*	Average price March 2019	Annual price change % since March 2018	Monthly price change % since February 2019
New build	-1.8	2.2	£303,848
Existing resold property	-0.3	1.2	£239,460

*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices have fallen by 2.5% since April 2019. An annual price fall of 4.4% takes the average property value to £457,471.

Average price by property type for London

Property type	May 2019	May 2018	Difference %
Detached	£847,998	£903,088	-6.1
Semi-detached	£558,559	£581,868	-4.0
Terraced	£482,970	£497,350	-2.9
Flat/maisonette	£399,012	£420,076	-5.0
All	£457,471	£478,485	-4.4

Access the full UK HPI

UK house prices rose by 1.2% in the year to May 2019, down from 1.5% in the year to April 2019.

The UK Property Transaction Statistics for May 2019 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 89,810. This is 11.3% lower compared with a year ago. Between April 2019 and May 2019, transactions decreased by 6.4%.

House prices grew fastest in the North West, increasing by 3.4% in the year to May 2019. House prices in London fell by 4.4% over the year to May 2019, down from a fall of 1.7% in April 2019.

See the economic statement.