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 = £283,496, 1.2% change in the month, 12.8% up in the year. Monthly index (where January 2015 = 100) 148.7
The strongest house price growth was seen in the South West, at 16.9% in the year to May 2022. London saw the lowest, at 8.2%.
The number of residential transactions over £40k was 109,210, which is -5.1% fewer than in May 2021.
UK average house price = £294,845, 1.8% in the month, 3.8% up in the quarter, 13.0% in the year. Monthly index (where January 1992 = 100) 508.4
The housing market continues to defy expectations of a slowdown and June’s monthly increase is the highest monthly since 2007. This is mainly due to the imbalance between supply and demand. The economic climate is likely to impact prices.
There has been a big shift in demand for larger properties which has caused detached house prices to rise by nearly twice the rate of flats over the last year.
National average house asking price = £369,968, 0.4% in the month and 9.3% in the year.
House prices have reached record levels for the sixth consecutive month. The average first time buyer must now pay £163 more each month for their mortgage.
House price increases are now forecast to reach 7% for 2022.
The number of new sellers has increased 13% in the year although stock levels are still 40% lower than in June 2019. Buyer demand has gone down 7% from last year but is still up 26% on June 2019.
UK average house price = £271,209, 0.1% change in the month and 11.0% increase in the year
Consumer confidence is at an all-time low but there is still a strong interest in the housing market. Mortgage approvals are down but this has not fed into the housing market. The market is expected to slow down due to household budgets and anticipated further increases in interest rates.
Average England and Wales house price = £372,175, 0.8% change in the month, 10.9% in the year.
House prices have risen by £53,430 (16.9%) since the beginning of the pandemic. House prices in all regions have increased in the last twelve months, ten setting record house prices. The highest performing region (for the last eleven months) is Wales.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| May 2022 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £302,278 | 1.3% | 13.1% |
| Northern Ireland (Quarter 1 – 2022) | £164,590 | 3.4% | 10.4% |
| Scotland | £187,517 | 1.1% | 11.2% |
| Wales | £212,414 | 0.9% | 14.4% |
| East Midlands | £244,060 | 1.9% | 15.2% |
| East of England | £353,574 | 2.6% | 14.8% |
| London | £526,183 | 0.2% | 8.2% |
| North East | £153,592 | -0.1% | 9.7% |
| North West | £205,783 | -0.2% | 11.5% |
| South East | £388,531 | 1.4% | 13.5% |
| South West | £323,418 | 1.0% | 16.9% |
| West Midlands | £247,162 | 2.2% | 14.0% |
| Yorkshire and The Humber | £204,835 | 2.1% | 12.6% |
UK HPI Average monthly price by property type
| Property type | May 2022 | May 2021 | Difference |
| Detached | £444,562 | £386,982 | 14.9% |
| Semi-detached | £273,591 | £240,848 | 13.6% |
| Terraced | £232,665 | £205,877 | 13.0% |
| Flat or maisonette | £228,492 | £210,902 | 8.3% |
| All | £283,496 | £251,286 | 12.8% |
Rightmove regional figures
| May 2022 | Average price GBP | Monthly change | Annual change |
| London | £692,828 | 1.6% | 7.4% |
| South East | £492,412 | 0.0% | 9.3% |
| South West | £391,593 | -0.6% | 12.2% |
| East of England | £428,567 | 0.4% | 9.1% |
| West Midlands | £287,575 | 1.0% | 10.9% |
| East Midlands | £284,777 | -0.4% | 10.1% |
| North West | £250,485 | 0.8% | 11.2% |
| Wales | £255,713 | -2.9% | 10.8% |
| Yorkshire & Humberside | £243,632 | 1.0% | 12.1% |
| North East | £183,904 | 2.9% | 10.3% |
LSL Acadata Regional Data
| May 2022 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £683,030 | 0.4% | 10.2% |
| South East | £472,202 | 1.1% | 10.2% |
| South West | £375,623 | 1.4% | 9.9% |
| East of England | £406,279 | 1.1% | 8.9% |
| West Midlands | £283,905 | 6.7% | 0.6% |
| East Midlands | £274,889 | 1.1% | 8.1% |
| North West | £248,219 | 0.0% | 5.2% |
| Wales | £243,727 | 1.1% | 12.4% |
| Yorkshire & Humber | £238,889 | 0.6% | 4.8% |
| North East | £193,384 | -0.6% | 2.4% |
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 May 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| City of Westminster | £1,502,118 | -2.1% | 23.7% |
| Kensington & Chelsea | £2,088,164 | 2.7% | 18.2% |
| Hammersmith & Fulham | £840,124 | 1.0% | -4.7% |
| Tower Hamlets | £535,967 | 0.2% | -7.8% |
RICS Survey Overview
The RICS Residential Market Survey for June 2022 reported a reduction in new buyer activity and slight softening in new instructions.
House prices continue to rise in all UK regions due to the small number of properties for sale, although the pace is slowing. The market in London is more resilient that other areas and house price growth in Yorkshire and the Humber and the South East have been the strongest.
In properties over £500,000, half of surveyors said that average sales prices have been more than the asking price. Sales prices over £1 million, however, are slightly below asking price.
House prices for the year are expected to continue growing, albeit at a lower pace than earlier in the year.
Tenant demand remains strong but landlord instructions continue to fall. Rents are expected to increase due to restricted supply.
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