The Land Registry’s House Price Index for May 2017 shows an annual price increase of 4.7% which takes the average property value in the UK to £220,713.
Monthly house prices have risen by 0.5% since April 2017. The monthly index figure for the UK was 115.8.
In England, the May data shows an annual price increase of 5% which takes the average property value to £237,662. Monthly house prices have risen by 0.5% since April 2017.
Wales shows an annual price increase of 3.8% which takes the average property value to £149,817. Monthly house prices have risen by 0.6% since April 2017.
London shows an annual price increase of 3% which takes the average property value to £481,345. Monthly house prices have fallen by 0.3% since April 2017.
The regional data indicates that:
- the East of England experienced the greatest increase in average property price over the last 12 months, with a movement of 7.5%;
- the North East experienced both the greatest monthly price growth with an increase of 1.8% and the lowest annual price growth with a movement of 1.6%; and
- London and the South East saw the most significant monthly price falls of 0.3% each.
The UK Property Transaction statistics showed that in May 2017 the number of seasonally adjusted property transactions completed in the UK with a value of £40,000 or above increased by 13.4% compared to May 2016. The unusually low level of transactions in May 2016 was associated with the introduction of the higher tax rates on additional properties introduced from 1 April 2016. Comparing May 2017 to April 2017, property transactions fell by 3.3%.
Sales during March 2017, the most up-to-date HM Land Registry figures available, show that:
- the number of completed house sales in England fell by 44.3% to 62,342 compared with 111,901 in March 2016;
- the number of completed house sales in Wales fell by 35.5% to 3,451 compared with 5,354 in March 2016;
- the number of completed house sales in London fell by 57.5% to 6,941 compared with 16,322 in March 2016;
- there were 743 repossession sales in England in March 2017;
- there were 76 repossession sales in Wales in March 2017; and
- the lowest number of repossession sales in England and Wales in March 2017 was in the East of England.
Jeremy Duncombe, director of Legal & General Mortgage Club, said: “Despite the challenges the housing market has faced over the past year, it has continued to perform well. Although monthly price growth is relatively subdued, when this is considered within the wider economic and political landscape, the true resilience of the market can be seen.
“However, ongoing growth is not all good news. House prices are still increasing year-on-year at a rate far higher than wage inflation. Although first-time buyer levels have nearly doubled since 2009, many are having to borrow larger amounts of money, or rely on help from the Bank of Mum and Dad to put down a deposit. Now the dust is beginning to settle from the General Election, it is crucial that efforts are focused on building more affordable houses. This will give those who cannot count on generous offerings from friends and family an equal opportunity to step onto the property ladder.”