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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 2018The 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.


Access the full UK HPI

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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