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UK House Price Index January 2019

The January data shows, on average, house prices have fallen by 0.8% since December 2018. There has been an annual price rise of 1.7%, which makes the average property in the UK valued at £228,147.

England

In England, the January data shows on average, house prices have fallen by 1.0% since December 2018. The annual price rise of 1.5% takes the average property value to £244,567.

The regional data for England indicates that:

  • The East Midlands experienced the greatest monthly price rise, up by 0.2%;
  • The North East saw the most significant monthly price fall, down by 3.3%;
  • the East Midlands experienced the greatest annual price rise, up by 4.4%; and
  • London saw the largest annual price fall, down by 1.6%

Price change by region for England

Region Average price January 2018 Monthly change % since December 2018
East Midlands £192,757 0.2
East of England £288,494 -1.0
London £472,230 -0.3
North East £125,233 -3.3
North West £160,811 -1.3
South East £321,174 -0.5
South West £253,926 -1.4
West Midlands £195,399 -2.1
Yorkshire and the Humber £160,420 -1.0

Repossession sales by volume for England

The lowest number of repossession sales in November 2018 was in the East of England.

The highest number of repossession sales in November 2018 was in the North West.

Repossession sales November 2018
East Midlands 40
East of England 14
London 34
North East 88
North West 135
South East 56
South West 38
West Midlands 55
Yorkshire and the Humber 93
England 553

Average price by property type for England

Property type

 

January 2019 January 2018 Difference %
Detached £374,666 £364,094 2.9
Semi-detached £227,582 £223,753 1.7
Terraced £196,206 £193,477 1.4
Flat/maisonette £225,896 £227,369 -0.6
All £244,567 £241,068 1.5

Funding and buyer status for England

Transaction type Average price

January 2019 

Annual price change % since January 2018 Monthly price change % since December 2018
Cash £230,892 1.7 -0.9
Mortgage £251,455 1.3 -1.1
First-time buyer £204,669 1.1 -1.3
Former owner occupier £278,236 1.8 -0.8

Building status for England

Building status* Average price

November 2018 

Annual price change % since November 2017 Monthly price change % since

October 2018

New build £302,327 4.1 -2.0
Existing resold property £244,221 2.8 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.

London

London shows, on average, house prices have risen by 0.3% since December 2018. An annual price fall of 1.6% takes the average property value to £472,230.

Average price by property type for London

Property type

 

January 2019 January 2018 Difference %
Detached £906,825 £895,418 1.3
Semi-detached £575,903 £576,806 -0.2
Terraced £488,242 £490,664 -0.5
Flat/maisonette £414,742 £425,777 -2.6
All £472,230 £479,780 -1.6

Funding and buyer status for London

Transaction type Average price

January 2019 

Annual price change % since January 2018 Monthly price change % since December 2018
Cash £496,263 -2.4 -0.1
Mortgage £464,887 -1.3 -0.3
First-time buyer £412,620 -1.8 -0.4
Former owner occupier £533,731 -1.2 -0.1

Building status for London

Building status* Average price November 2018  Annual price change % since November 2017 Monthly price change % since October 2018
New build £481,586 0.6 -3.3
Existing resold property £474,851 -0.2 -1.0

*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 fallen by 1.3% since December 2018. An annual price rise of 4.6% takes the average property value to £160,232.

There were 57 repossession sales for Wales in November 2018.

Average price by property type for Wales

Property type January 2019 January 2018 Difference %
Detached £244,321 £231,777 5.4
Semi-detached £153,933 £148,028 4.0
Terraced £122,763 £117,311 4.6
Flat/maisonette £116,136 £111,683 4.0
All £160,232 £153,132 4.6

Funding and buyer status for Wales

Transaction type Average price January 2019  Annual price change % since January 2018 Monthly price change % since December 2018
Cash £156,391 5.0 -1.2
Mortgage £162,508 4.4 -1.4
First-time buyer £137,820 4.4 -1.6
Former owner occupier £186,545 4.9 -1.0

Building status for Wales

Building status* Average price November 2018  Annual price change % since November 2017 Monthly price change % since October 2018
New build £211,384 7.5 -2.2
Existing resold property £157,392 4.7 -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.

Access the full UK HPI

UK house prices rose by 1.7% in the year to January 2019, down from 2.2% in the year to December 2018. This is the lowest annual growth for the UK since June 2013, when house prices increased by 1.5%.

The UK Property Transaction Statistics for January 2019 showed that on a seasonally adjusted basis, the number of transactions on residential properties with a value of £40,000 or greater was 101,170. This is 1.3% higher compared with a year ago. Between December 2018 and January 2019, transactions increased by 0.8%.

House prices grew fastest in Wales increasing by 4.6% in the year to January 2019. House prices in London fell by 1.6% in the year to January 2019.

See the economic statement.

 

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