Our monthly Property Surveying summary of property market news, survey data, statistics, trends and information. (All figures below are the most recently available data.)
Data source: Land Registry
UK average house price = £278,436, 0.3% change in the month, 9.8% up in the year. Monthly index (where January 2015 = 100) 146.0
House price growth was strongest in the East Midlands, at 12.4% in the year to March. London saw the weakest growth, at 4.8% in the year.
The main reasons for elevated house price inflation include strong demand, particularly from first-time buyers, outstripping available supply of property combined with constrained supply of new build properties.
UK average house price = £286,079, 1.1% in the month, 2.7% up in the quarter, 10.8% in the year. Monthly index (where January 1992 = 100) 493.3
With house prices increasing for the tenth consecutive month, April saw the longest continuous run of increases since 2016. The average house is now £47,568 more expensive than two years ago.
The cost of detached and semi-detached family homes has risen an average 12% over the year, compared to 7.1% for flats.
Economic uncertainty and income squeezes are expected to slow the rate of house price growth, particularly with the house price to income ratio at its highest ever level.
National average house asking price = £367,501, 2.1% in the month and 9.9% in the year.
House prices increased on average £6,000 in the two pre-pandemic years, compared to £55,000 over the last two years. Although buyer demand remains 31% higher than 2019, there are signs that demand is beginning to subside, with the number of potential buyers down 14% year on year.
Rental payments have been overtaken by the cost of mortgage payments. However, the average rent of £887 is now 40% more expensive than 2012, compared to 11% more for the average mortgage of £901.
UK average house price = £267,620, 0.3% change in the month and 12.1% increase in the year
Amid economic uncertainty, it is surprising that the house market has remained so buoyant, especially as house price growth has deteriorated mortgage affordability. A survey indicated that 38% of households were currently moving home or planning to do so, most particularly in London where the figure was nearer 50%. In a typical year in the UK, only 5% of housing stock would change hands.
Average England and Wales house price = £372,436, 1.0% change in the month, 10.4% in the year.
Pandemic-related lifestyle changes are behind much of the demand for housing in regions including Wales, which saw the highest property price increases, although in Greater London prices rose 9.9%.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| March 2022 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £297,524 | 0.3% | 9.9% |
| Northern Ireland (Quarter 1 – 2022) | £164,590 | 3.4% | 10.4% |
| Scotland | £181,415 | 0.0% | 8.0% |
| Wales | £206,395 | 0.4% | 11.7% |
| East Midlands | £240,329 | 1.2% | 12.4% |
| East of England | £343,900 | -0.8% | 10.9% |
| London | £523,666 | -0.9% | 4.8% |
| North East | £154,913 | 1.1% | 8.7% |
| North West | £205,121 | 0.4% | 9.7% |
| South East | £384,966 | 1.1% | 11.7% |
| South West | £313,834 | 0.1% | 10.9% |
| West Midlands | £240,528 | 1.1% | 10.3% |
| Yorkshire and The Humber | £199,607 | -0.2% | 9.0% |
UK HPI Average monthly price by property type
| Property type | March 2022 | February 2021 | Difference |
| Detached | £441,967 | £388,601 | 13.7% |
| Semi-detached | £269,098 | £242,157 | 11.1% |
| Terraced | £226,211 | £207,980 | 8.8% |
| Flat or maisonette | £223,401 | £214,881 | 4.0% |
| All | £278,436 | £253,506 | 9.8% |
Rightmove regional figures
| May 2022 | Average price GBP | Monthly change | Annual change |
| London | £689,230 | 1.8% | 7.6% |
| South East | £488,287 | 1.8% | 10.7% |
| South West | £387,894 | 2.1% | 13.4% |
| East of England | £424,389 | 1.4% | 10.8% |
| West Midlands | £282,683 | 2.5% | 11.1% |
| East Midlands | £282,755 | 1.0% | 12.3% |
| North West | £249,612 | 2.4% | 11.7% |
| Wales | £257,732 | 2.0% | 14.5% |
| Yorkshire & Humberside | £238,906 | 1.7% | 10.3% |
| North East | £180,081 | 0.0% | 9.8% |
LSL Acadata Regional Data
| April 2022 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £700,674 | 1.4% | 9.9% |
| South East | £467,312 | 0.1% | 9.2% |
| South West | £368,680 | 0.8% | 9.1% |
| East of England | £398,888 | -0.4% | 6.9% |
| West Midlands | £284,967 | 1.1% | 6.7% |
| East Midlands | £273,952 | 0.5% | 6.6% |
| North West | £248,750 | 1.5% | 5.5% |
| Wales | £240,794 | 0.7% | 10.9% |
| Yorkshire & Humber | £238,610 | 1.4% | 4.6% |
| North East | £199,719 | 1.8% | 5.2% |
Focus on London
Best and Worst (-) annual performers according to:
| Rightmove May 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Westminster | £1,455,674 | 1.0% | 11.7% |
| Merton | £736,679 | 2.8% | 11.5% |
| Lambeth | £667,722 | 1.0% | 2.9% |
| Southwark | £645,93 | -1.0% | 2.8% |
| LCL Acadata April 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Merton | £852,698 | 5.5% | 21.4% |
| Richmond upon Thames | £1,043,577 | 1.4% | 20.4% |
| Newham | £407,772 | 0.4% | -6.8% |
| Tower Hamlets | £553,088 | -0.7% | -12.1% |
RICS Survey Overview
The RICS Residential Market Survey for April 2022 reported a more modest increase in house prices with buyer demand and few fresh listings continuing to push up house prices.
A generally flat trend in the number of properties being sold is expected over the coming year, although price rise inflation is expected to continue due to high demand and low availability.
Most of those surveyed expected rental prices to increase in the next three months in all regions.
Rightmove.co.uk is the UKs leading property website, displaying details of homes for sale or rent to the largest online audience. It is consistently ranked the number one property website in the UK (source: Experian Hitwise). It has around 90% of all properties for sale and at any time displays a stock of over one million properties to buy or rent, worth around £270 billion. The Rightmove.co.uk site attracts over 130 million visits from home movers each month with time on site averaging over one billion minutes per month (Rightmove data, 2017).
LSL Acad E&W HPI is derived from Land Registry (LR) house price data, seasonally and mix adjusted by property type. © Crown copyright material reproduced with the permission of Land Registry. The prices are smoothed to show underlying trends. LSL Acad E&W HPI includes cash purchase prices and is the only index based upon the complete, factual house price data for England & Wales, as opposed to a sample.
UK HPI: Monthly house price inflation, calculated using data from Land Registry, Registers of Scotland and Land and Property Services Northern Ireland. This replaces the previous House Price Indices separately published by Office of National Statistics and Land Registry.
All figures within this article are correct at the time of going to press, and are reproduced in good faith. No responsibility will be taken for any decisions taken based on the information contained herein. Always seek professional advice.
The Monthly Market Fact File is updated monthly on the day of publication.
SH/LCB