HM LAND REGISTRY REPORT DECEMBER 2018 HOUSE PRICE INDEX
The December data shows, on average, house prices have risen by 0.2% since November 2018. There has been an annual price rise of 2.5%, which makes the average property in the UK valued at £230,776.
England
In England, the December data shows, on average, house prices have risen by 0.3% since November 2018. The annual price rise of 2.3% takes the average property value to £247,886.
The regional data for England indicates that:
- the West Midlands and Yorkshire and the Humber experienced the greatest monthly price rise, up by 2.0%;
- the East of England saw the most significant monthly price fall, down by 1.1%;
- the West Midlands experienced the greatest annual price rise, up by 5.2%; and
- the North East saw the largest annual price fall, down by 1.0%
Price change by region for England
| Region |
Average price December 2018 |
Monthly change % since November 2018 |
| East Midlands |
£192,748 |
-0.2 |
| East of England |
£289,602 |
-1.1 |
| London |
£473,822 |
0.1 |
| North East |
£128,756 |
-0.4 |
| North West |
£164,352 |
0.4 |
| South East |
£324,729 |
0.1 |
| South West |
£256,427 |
-0.3 |
| West Midlands |
£200,388 |
2.0 |
| Yorkshire and the Humber |
£165,119 |
2.0 |
Repossession sales by volume for England
The lowest number of repossession sales in October 2018 was in the East of England.
The highest number of repossession sales in October 2018 was in the North West.
| Repossession sales |
October 2018 |
| East Midlands |
44 |
| East of England |
14 |
| London |
44 |
| North East |
84 |
| North West |
138 |
| South East |
56 |
| South West |
32 |
| West Midlands |
52 |
| Yorkshire and the Humber |
75 |
| England |
539 |
Average price by property type for England
| Property type |
December 2018 |
December 2017 |
Difference % |
| Detached |
£376,076 |
£364,892 |
3.1 |
| Semi-detached |
£232,619 |
£225,102 |
3.3 |
| Terraced |
£200,569 |
£195,761 |
2.5 |
| Flat/maisonette |
£226,247 |
£227,130 |
-0.4 |
| All |
£247,886 |
£242,378 |
2.3 |
Funding and buyer status for England
| Transaction type |
Average price December 2018 |
Annual price change % since December 2017 |
Monthly price change % since November 2018 |
| Cash |
£233,523 |
2.2 |
0.3 |
| Mortgage |
£255,124 |
2.3 |
0.3 |
| First-time buyer |
£207,526 |
1.7 |
0.3 |
| Former owner occupier |
£281,914 |
2.8 |
0.3 |
Building status for England
| Building status* |
Average price October 2018 |
Annual price change % since October 2017 |
Monthly price change % since September 2018 |
| New build |
£311,953 |
5.2 |
2.3 |
| Existing resold property |
£243,997 |
2.4 |
-0.4 |
*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 risen by 0.1% since November 2018. An annual price fall of 0.6% takes the average property value to £473,822.
Average price by property type for London
| Property type |
December 2018 |
December 2017 |
Difference % |
| Detached |
£912,343 |
£899,100 |
1.5 |
| Semi-detached |
£588,078 |
£573,194 |
2.6 |
| Terraced |
£496,244 |
£489,692 |
1.3 |
| Flat/maisonette |
£411,950 |
£421,917 |
-2.4 |
| All |
£473,822 |
£476,848 |
-0.6 |
Funding and buyer status for London
| Transaction type |
Average price December 2018 |
Annual price change % since December 2017 |
Monthly price change % since November 2018 |
| Cash |
£496,483 |
-1.4 |
-0.4 |
| Mortgage |
£466,885 |
-0.4 |
0.2 |
| First-time buyer |
£412,679 |
-1.3 |
0.0 |
| Former owner occupier |
£537,813 |
0.2 |
0.3 |
Building status for London
| Building status* |
Average price October 2018 |
Annual price change % since October 2017 |
Monthly price change % since September 2018 |
| New build |
£502,915 |
1.0 |
3.1 |
| Existing resold property |
£478,869 |
-0.3 |
0.5 |
*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.
Wales
Wales shows, on average, house prices have risen by 0.8% since November 2018. An annual price rise of 5.2% takes the average property value to £161,845.
There were 56 repossession sales for Wales in October 2018.
Average price by property type for Wales
| Property type |
December 2018 |
December 2017 |
Difference % |
| Detached |
£245,785 |
£231,705 |
6.1 |
| Semi-detached |
£156,068 |
£148,069 |
5.4 |
| Terraced |
£124,968 |
£118,993 |
5.0 |
| Flat/maisonette |
£113,926 |
£111,120 |
2.5 |
| All |
£161,845 |
£153,791 |
5.2 |
Funding and buyer status for Wales
| Transaction type |
Average price December 2018 |
Annual price change % since December 2017 |
Monthly price change % since November 2018 |
| Cash |
£157,825 |
5.2 |
1.1 |
| Mortgage |
£164,228 |
5.3 |
0.6 |
| First-time buyer |
£139,487 |
4.8 |
0.6 |
| Former owner occupier |
£188,008 |
5.7 |
0.9 |
Building status for Wales
| Building status* |
Average price October 2018 |
Annual price change % since October 2017 |
Monthly price change % since September 2018 |
| New build |
£218,225 |
8.1 |
2.3 |
| Existing resold property |
£157,930 |
3.8 |
-0.1 |
*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.
UK house prices rose by 2.5% in the year to December 2018, down from 2.7% in the year to November 2018.
The UK Property Transaction Statistics for December 2018 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 102,330. This is 3.6% higher compared with a year ago. Between November and December 2018, transactions fell by 0.1%.
House prices grew fastest in Wales and in the West Midlands region, increasing by 5.2% in the year to December 2018. House prices in London fell by 0.6% in the year to December 2018. London house prices have been falling over the year since July 2018.
See the economic statement.
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