UK House Price Index for October 2022 | Daily News Byte

October data shows:

• House prices have increased by an average of 0.3% since September 2022
• Annual price increases of 12.6% make the average property value in the UK £296,422

England

In England, data for October showed average house prices rose by 0.2% from September 2022. A price increase of 13.2% per annum takes the average property price to £316,073.

Regional data for England suggest that:

• The North East experienced the largest annual price increase, up 17.3%
• The North East experienced the highest 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 decline, with a movement of -0.9%

Price variation by region for England

Repossession sales by volume for England

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

The highest repossession sales in August 2022 were in the Northwest.

Average price by property type for England

Funding and buyer status for England

Building conditions for England

London

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

Average price by property type for London

Funding and buyer status for London

Building status for London

Wells

House prices have risen by an average of 0.1% since September 2022, Wales shows. An annual price increase 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

Funding and buyer status for Wales

Building conditions for Wales

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.

UK property transaction figures show that the estimated number of residential property transactions with a value of £40,000 or more in October 2022, on a seasonally adjusted basis, was 108,480. This is 38.0% higher than a year ago (October 2021). Between September and October 2022, UK transactions grew by 2.3% on a seasonally adjusted basis.

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

See the financial statement.

The UK HPI is based on completed housing transactions. Generally, home buying can take 6 to 8 weeks to complete. As with other indicators in the housing market, which typically fluctuate from month to month, it’s important not to put too much weight on one month’s worth of home 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, updated quarterly with figures from Northern Ireland. We will publish the November 2022 UK HPI on Wednesday 18 January 2023 at 9:30am. View the calendar of release dates.

2. We have made some changes to improve the accuracy of the UK HPI. We are not publishing the average price and percentage change for new builds and existing resold properties as before as there are currently not enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold properties are in line with sales volumes currently available.

3. The UK HPI revision period has been extended to 13 months following a review of the revision policy (see calculation of UK HPI section 4.4). This ensures that the data used is more comprehensive.

4. Sales volume data by property status (new build and existing property) and funding status (cash and mortgage) is available in our downloadable data tables. Transactions that require us to create a new register, such as a new build, are more complex and require more time to process. Read the revisions to the UK HPI data.

5. Revision tables for England and Wales are available within the downloadable data in CSV format. See UK HPI for more information.

6. HM Land Registry, Register of Scotland, Land and Property Services/Northern Ireland Statistics and Research Agency and Valuation Office Agency supply data for UK HPI.

7. The Office for National Statistics (ONS) and the Land and Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses various sources of data on property prices, including HM Land Registry’s Price Paid dataset, and attributes to produce estimates of changes in house prices each month. Find out more about the methodology used from the ONS and the Northern Ireland Statistics and Research Agency.

8. We take UK property transaction statistics from 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 higher activity in the summer months and lower activity in the winter. These regular annual patterns can sometimes mask underlying movements and trends in a data series. HMRC presents UK total 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 a particular month.

9. The UK HPI seasonally adjusted series is calculated only at regional and national levels. See data tables.

10. The first estimate for new build average cost (April 2016 report) was based on a small sample which may cause volatility. A three-month moving average has been applied to the latest estimate to smooth out this volatility.

11. The UK HPI shows the final transaction price for residential property sales. Using the geometric mean, it covers purchases at market value for owner-occupied and buy-to-let, excluding purchases that are not at market value (such as remortgage), where ‘price’ represents appraisal.

12. HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties sold at full market value.

13. The HM Land Registry dataset includes the sale price of the property, the date the sale was completed, full address details, the type of property (detached, semi-detached, terrace or flat), if it is a newly built property or an established residential building and the property is a financed transaction (using a mortgage ) or a variable to indicate whether the purchase was made as a non-financed transaction (cash purchase).

14. Possession sales data is based on the number of transactions recorded at HM Land Registry by lenders using their sales force.

15. For England, we show repossession sales volumes 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 about foreclosure sales.

17. We publish CSV files of raw and refined aggregated data each month for England, Scotland and Wales. We publish data for Northern Ireland on a quarterly basis. They are available for free use and reuse under the Open Government License.

18. HM Land Registry aims 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: “The leading property market in the world as part of a growing economy and a sustainable future.”

20. HM Land Registry protects over £8 trillion worth of land and property ownership, including over £1 trillion of mortgages. The Land Register contains over 26 million titles evidencing ownership of around 88% of the land mass in England and Wales.

21. For more information about HM Land Registry visit www.gov.uk/land-registry.

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