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 = £286,397, 1.0% change in the month, 7.8% up in the year. Monthly index (where January 2015 = 100) 150.2
The East of England saw the strongest house price growth in the year to June 2022, at 9.7%. The weakest was in the North West, at 3.6%.
The number of property transactions valued over £40,000 was 54.3% lower than in June 2021, at 95,420, and decreased by -7.9% between May and June 2022.
UK average house price = £293,221, -0.1% in the month, 3.3% up in the quarter, 11.8% in the year. Monthly index (where January 1992 = 100) 505.6
A slowdown in annual house price growth has been anticipated and house prices fell in July for the first time in since June 2021. There is still evidence of factors that have buoyed the market over the last few years, including the lack of supply of new homes coming onto the market. However, financial pressures on households are likely to slow down house price inflation in the coming months.
National average house asking price = £365,173, -1.3% in the month and 8.2% in the year.
August saw the first property price drop in a year but price drops are normal in the average August (over the past ten years) due to summer holidays.
Buyer enquiries are down 4% from 2021 but are still 20% higher than 2019. Over the same period, listings have increased by 12% but are still 6% down on 2019.
The cost of the average first time buyer mortgage with a deposit of 10% has exceeded £1,000 for the first time.
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 = £370,893, 0.6% change in the month, 10.2% in the year.
The average price paid for a home in England and Wales has increased £2,400 in July 2022, and up £52,600 since before the pandemic. House prices are remaining strong, despite potential affordability issues.
REGIONAL HOUSE PRICES
(all percentages are positive unless indicated otherwise)
UK HPI Regional figures
| June 2022 | Average Price | % Monthly change | % Annual change |
|---|---|---|---|
| England | £304,867 | 0.9% | 7.3% |
| Northern Ireland (Quarter 2 – 2022) | £169,063 | 3.2% | 9.6% |
| Scotland | £192,249 | 2.2% | 11.6% |
| Wales | £213,091 | 0.6% | 8.6% |
| East Midlands | £245,911 | 1.7% | 9.3% |
| East of England | £354,481 | 0.5% | 9.7% |
| London | £537,920 | 1.9% | 6.3% |
| North East | £157,924 | 1.7% | 3.6% |
| North West | £212,347 | 2.1% | 6.2% |
| South East | £390,513 | 0.8% | 8.9% |
| South West | £322,329 | 0.5% | 8.9% |
| West Midlands | £246,114 | 0.0% | 6.6% |
| Yorkshire and The Humber | £203,973 | -0.4% | 4.2% |
UK HPI Average monthly price by property type
| Property type | June 2022 | June 2021 | Difference |
| Detached | £446,435 | £407,676 | 9.5% |
| Semi-detached | £276,955 | £253,963 | 9.1% |
| Terraced | £235,294 | £220,241 | 6.8% |
| Flat or maisonette | £231,860 | £221,029 | 4.9% |
| All | £286,397 | £265,676 | 7.8% |
Rightmove regional figures
| August 2022 | Average price GBP | Monthly change | Annual change |
| London | £668,587 | -3.5% | 5.2% |
| South East | £483,842 | -1.7% | 8.0% |
| South West | £389,064 | -0.6% | 11.0% |
| East of England | £425,002 | -0.8% | 8.3% |
| West Midlands | £288,722 | 0.4% | 11.4% |
| East Midlands | £288,430 | 1.3% | 11.6% |
| North West | £251,402 | 0.4% | 10.0% |
| Wales | £261,117 | 2.1% | 10.6% |
| Yorkshire & Humberside | £241,489 | -0.9% | 9.9% |
| North East | £181,420 | -1.4% | 9.5% |
LSL Acadata Regional Data
| June 2022 | Average House Price £ GBP | Monthly % change | Annual % Change Greater |
| Greater London | £674,044 | 0.5% | 5.5% |
| South East | £471,907 | 0.5% | 9.9% |
| South West | £375,840 | 0.4% | 14.4% |
| East of England | £407,471 | 0.6% | 11.8% |
| West Midlands | £283,338 | 12.0% | 0.5% |
| East Midlands | £276,375 | 0.5% | 12.1% |
| North West | £247,651 | 0.3% | 9.3% |
| Wales | £243,136 | 0.6% | 12.0% |
| Yorkshire & Humber | £238,026 | 0.5% | 8.6% |
| North East | £194,789 | 0.9% | 7.2% |
Focus on London
Best and Worst (-) annual performers according to:
| Rightmove August 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Havering | £486,673 | -0.2% | 12.5% |
| Bromley | £638,531 | 0.3% | 10.5% |
| Southwark | £654,598 | 0.0% | 2.5% |
| Kensington & Chelsea | £1,659,378 | -1.7% | -0.8% |
| LCL Acadata July 2022 |
Average Price (£) GBP | Monthly change | Annual change |
| Hounslow | £591,658 | 0.9% | 18.4% |
| Barnet | £767,840 | -0.9% | 14.0% |
| Hammersmith & Fulham | £881,864 | 2.1% | -11.1% |
| Tower Hamlets | £526,257 | -0.8% | -12.2% |
RICS Survey Overview
The RICS Residential Market Survey for July 2022 reported a slowdown in buyer demand and agreed sales, and new instructions and stock levels remain low.
All areas of the UK reported rising house prices, albeit with slower growth than the beginning of the year, and prices are expected to remain positive in the next year.
Tenant demand is high in the lettings market and rents are expected to climb higher in the near term.
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