UK House Price Index by ONS, October 2022

UK House Price Index with details for August 2022 was published today by the Office for National Statistics.

The data used is from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland.

Main points

·         UK average house prices increased 13.6% in the year to Aug 2022, down from 16.0% in July.

·         The average UK house price increased by 1.1% between July and August 2022, following an increase of 1.3% in the previous month.

·         Despite UK house prices increasing between July and August 2022, the annual house price inflation has slowed due to the rises in prices seen in August 2021 following changes in the stamp duty land tax.

·         The average UK house price was £296,000 in August 2022, which is £36,000 higher than the price recorded in August last year.

·         The average house price in England was £316.00, an increase of 14.3 %.

·         The South West was the region with the highest annual house price growth, with average prices increasing by 17.0% in the year to August 2022.

·         London is the region with the lowest annual house price growth, where prices increased by 8.3% over the year to August 2022.

·         London’s average house prices remain the most expensive of any region in the UK, with a record average price of £553,000 in August 2022.

·         The average first time buyer house price in London in August 2022 was £476,248.

·         The average former owner occupier house price in London in August 2022 was £636,231.

 See the full House Price Index by ONS HERE