May 2020 UK HPI from HM Land Registry

This is the second publication of the UK House Price Index since May 2020 following the decision to suspend the index as a result of the effect the COVID-19 pandemic had on the reporting of the data.

 

Between now and 21 October, we will be publishing the reports that were meant to be published during the period of suspension to enable the August data to be released on 21 October as originally scheduled before the disruption earlier this year. This report was originally scheduled to be released in July of this year. The full calendar of release dates can be found here.

 

The May data shows:

 

  • on average, house prices have risen by 0.3% since April 2020
  • there has been an annual price rise of 2.9%, which makes the average property in the UK valued at £235,673.
In England, the May data shows on average, house prices have risen by 0.2% since April 2020. The annual price rise of 2.9% takes the average property value to £251,973.

 

The regional data for England indicates that:

 

  • The North East experienced the greatest monthly price rise, up by 5.3%
  • London saw the most significant monthly price fall, down by 1.2%
  • Yorkshire and the Humber experienced the greatest annual price rise, up by 4.9%
  • The North East saw the lowest annual price growth, with a rise of 0.7%
Price change by region for England

 

Region

Average price May 2020

Monthly change % since April 2020

East Midlands

-0.7

£197,505

East of England

-1.0

£290,621

London

-1.2

£479,018

North East

5.3

£134,545

North West

0.3

£168,261

South East

-1.1

£324,659

South West

-0.4

£261,006

West Midlands

1.5

£203,658

Yorkshire and the Humber

3.1

£170,198

 

Repossession sales by volume for England

 

The lowest number of repossession sales in March 2020 was in the East of England.

 

The highest number of repossession sales in March 2020 was in the North West.

 

Repossession sales

March 2020

East Midlands

36

East of England

16

London

55

North East

74

North West

124

South East

48

South West

40

West Midlands

43

Yorkshire and The Humber

75

England

511

 

Average price by property type for England

 

Property type

May 2020

May 2019

Difference %

Detached

£383,295

£371,062

3.3

Semi-detached

£238,325

£230,200

3.5

Terraced

£202,943

£199,088

1.9

Flat/maisonette

£227,809

£221,767

2.7

All

£251,973

£244,928

2.9

 

Funding and buyer status for England

 

Transaction type

Average price

May 2020 

Annual price change % since May 2019

Monthly price change % since April 2020

Cash

£235,898

2.3

0.2

Mortgage

£259,991

3.1

0.2

First-time buyer

£211,404

2.9

0.4

Former owner occupier

£285,938

2.9

0.0

 

Building status for England

 

Building status*

Average price

March 2020 

Annual price change % since March 2019

Monthly price change % since

February 2020

New build

£318,639

5.4

0.9

Existing resold property

£245,475

2.7

0.8

*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 1.2% since April 2020. An annual price rise of 3.3% takes the average property value to £479,018.

 

Average price by property type for London

 

Property type

May 2020

May 2019

Difference %

Detached

£883,878

£877,723

0.7

Semi-detached

£582,448

£567,219

2.7

Terraced

£498,321

£486,645

2.4

Flat/maisonette

£421,519

£404,483

4.2

All

£479,018

£463,628

3.3

 

Funding and buyer status for London

 

Transaction type

Average price

May 2020 

Annual price change % since May 2019

Monthly price change % since April 2020

Cash

£499,468

2.7

-2.1

Mortgage

£472,547

3.5

-0.9

First-time buyer

£419,583

3.6

-0.9

Former owner occupier

£539,584

2.9

-1.4

 

Building status for London

 

Building status*

Average price

March 2020 

Annual price change % since March 2019

Monthly price change % since

February 2020

New build

£513,564

6.4

1.1

Existing resold property

£481,750

4.1

1.4

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

 

Wales

 

Wales shows, on average, house prices have risen by 1.7% since April 2020. An annual price rise of 4.8% takes the average property value to £169,436.

 

There were 46 repossession sales for Wales in March 2020.

 

Average price by property type for Wales

 

Property type

May 2020

May 2019

Difference %

Detached

£254,763

£243,408

4.7

Semi-detached

£164,574

£156,247

5.3

Terraced

£131,328

£125,510

4.6

Flat/maisonette

£118,529

£113,548

4.4

All

£169,436

£161,628

4.8

 

Funding and buyer status for Wales

 

Transaction type

Average price May 2020 

Annual price change % since May 2019

Monthly price change % since April 2020

Cash

£163,726

4.3

1.6

Mortgage

£172,784

5.1

1.8

First-time buyer

£146,439

4.9

1.8

Former owner occupier

£196,187

4.8

1.7

 

Building status for Wales

 

Building status*

Average price

March 2020 

Annual price change % since March 2019

Monthly price change % since

February 2020

New build

£227,665

6.7

0.3

Existing resold property

£164,341

4.8

0.8

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

 

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. Therefore, the price data feeding into the May 2020 UK HPI will mainly reflect those agreements that occurred before the government measures to reduce the spread of Covid-19 took hold.

 

UK house prices increased by 2.9% in the year to May 2020, up from 2.7% in April 2020. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.3% between April 2020 and May 2020, compared with a rise of 0.1% during the same period a year earlier (April 2019 and May 2019).

 

The UK Property Transactions Statistics for May 2020 showed that on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 48,130. This is 49.9% lower than a year ago. Between April 2020 and May 2020, transactions increased by 14.5%.

 

House price growth was strongest in Wales where prices increased by 4.8% over the year to May 2020. The highest annual growth within the English regions was in Yorkshire and The Humber where average house prices grew by 4.9%. The lowest annual growth was in the East of England, where prices increased by 0.7% over the year to May 2020.

 

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