UK House Price Index for October 2022 

The latest 2022 house price data by HM Land Revenue was published earlier today. The report highlights a steady increase in house prices throughout the year, which resulted in the average UK house price reaching a record high.

Here are the main UK House Price index points:

• The average UK house price in October 2022 was £296,000. This is £33,000 higher (12.6% increase) than this time last year, and up from 9.9% in the year to September 2022. The increase was partly caused by a sharp fall in UK average house prices in October 2021 (down £6,000 between September and October 2021), following changes to Stamp Duty Land Tax.

• HM Revenue and Customs estimates that the UK residential transactions in October 2022 were 38% higher of those in October 2021.

• On a non-seasonally adjusted basis, the average UK house price increased by 0.3% between September and October 2022. 
• House prices in England are the highest in the UK: £316,000, 13.2% increase over the year to October 2022.
• Wales: £224,000 (11.8% increase), Scotland: £195,000 (increase 8.5%) and £176,000 in Northern Ireland (10.7% increase).

• £542,000 is the average London house price in October 2022. London is the most expensive of all regions in England, but is also the region with the lowest annual house price change.
• House price growth was strongest in the North East of England where prices increased by 17.3% in the year to October 2022.
• The average house price for a new build UK property in August 2022 was £388.140, monthly change 2.9%.
• The existing resold UK property price in August 2022 was £287.452, monthly change 1.1%.

Read the full UK House Price Index Summary HERE