August 2017 Property fact file

Note:  all figures below are the most recently available data.

UK House Price Index – July 2017
Data source: Land Registry

UK average house price = £223,257, up 4.9% over the year, a 0.8% increase over the month

Monthly index (where January 2015 = 100) is 117.1

In its statement, Land Registry reported that house price expectations are marginally positive, although enquiries from new buyers has continued to decrease month by month.

The East of England showed the largest house price growth, at 7.2%, while the North East showed the smallest, at 2.5%. The North East also showed the slowest annual growth over the past 15 months, while the East of England had the fastest annual growth over the last 14 months.

Estate agent stocks are at an all-time low and lack of supply continues to support prices.

Halifax – July 2017
UK average house price = £219,266, up 0.4% in the month, down -0.2% in the quarter, up 2.1% in the year.

Figures reveal the fourth successive quarterly fall in house prices, the first time this has happened since November 2012.

Halifax MD, Russell Galley, said that the increase in employment had not boosted wage growth and earnings were rising slower than consumer prices. The resultant squeeze on spending power and the stamp duty changes of 2016, together with affordability concerns, had weakened housing demand. He predicted continued support for house prices as a result of low mortgage rates and ongoing shortage of properties.

Rightmove – July 2017
England and Wales average house price = £316,421 up 0.1% in the month and up 2.8% in the year

Strong buyer demand remains, although newly-marketed property prices were up just 0.1%, attributed to the dampening effect of the holiday season. Affordability was acting as a ‘price brake’, with buyers wary of house prices and properties reaching their price ceiling.

Buyer choice was still restricted due to strong sales and demand, even with 7.6% more sellers on the market, and over 45% of property stock was sold subject to contract. Year-to-date agreed house sales were similar to 2016, and many areas were seeing the highest proportion of house sales in the last seven years. The market appeared robust a year after the referendum.

Inner London has seen a recovery of +2.6% while Outer London has dropped by -0.4%, although still ahead of Inner London over the last twelve months. Average prices have risen by 1.1% (or £7,017). Annually, the two London areas are the closest they have been since August 2015, indicating the slowdown could be spreading outwards.

Nationwide – July 2017
UK average house price = £211,671 up 0.3% in the month, up 2.9% in the year.

July house prices were broadly stable while the number of transactions were at their lowest level for eight months. The dearth of available homes appeared to be supporting the market.

Affordability is likely to keep the market subdued but prices are expected to rise by around 2% over 2017.

LSL / Acadata – July 2017
Average England and Wales house price = £298,906, down -0.2% from last month, up 2.9% in the year.

Annual house price growth in all regions of England and Wales of an average £8,433, although prices slow. The number of transactions fell by 9% in July from previous month.

East of England continues to lead with 5.1% annual house price growth. The London Borough of Lewisham recorded a new peak price, up 2.4% in the month.

London prices fell for the third successive month, still up on last year by £14,244 but the second biggest drop in over six years.

HM Revenue & Customs – July 2017
The provisional number of UK residential property transaction completions (>£40k) for June 2017 was 96,910, representing a decrease of 3.3 per cent between May-Jun 2017, and the seasonally adjusted figure is 1% higher than June 2016. The number of non-adjusted residential transactions was 13.2% higher than May 2017, which was 8.4% higher than June 2016.

Comparisons to May 2016 are not made, due to the higher tax rates on additional properties that were introduced in April 2016.

Non-residential property transactions fell by 5.5% between May-June 2017. This is 10.3% lower than June 2016.

Countrywide, the UK’s largest estate agency group in the UK, says that the fall in homes to rent in London is a result of the reduction in number of landlords buying property since April 2016, when a 3% stamp duty surcharge was introduced on buy-to-let property. Last month, only 10.5% of homes sold in London were bought by a landlord, the lowest level since August 2010 (9.7%) and half the 2015 average of 20.9%. Countrywide said that the Residential Landlords Association reported that fewer than one fifth of landlords were planning to purchase additional buy-to-let property in the next year.

The Council of Mortgage Lenders (CML) reported that mortgage arrears of 2.5% or more of the outstanding balance declined to the lowest level since at least 1994, when this data began.

Mortgage lending in July was up 26% on June, and up 9% on June 2016, including a high number of loans for first time buyers (up 18% on last quarter and 10% on Q2 2016). The income multiple for the average home move increased from 3.37 to 3.39.

Land Registry Price Paid Data – June 2017
Of the 92,009 house sales lodged for registration in June, the most expensive residential property sale was a detached property in London Borough of Kensington and Chelsea, which sold for £11,241 million. There were 559 residential property sales valued at £1m or more in England and Wales, 365 of which were in London.

The cheapest residential sale were terraced properties in Burnley, Lancashire and Hartlepool, County Durham, which sold for £18,000.


UK HPI Regional figures (all percentages are positive unless indicated otherwise)
July 2017 Average price (£)
Monthly change
Annual change
England £24,325 0.8% 5.2%
Northern Ireland (Quarter 1 – 2017) £128,650 3.1% 4.4%
Scotland £144,253 0.1% 2.9%
Wales £151,672 2.9% 3.6%
East Midlands £182,166 1.0% 7.1%
East of England £286,623 0.3% 7.2%
London £481,556 -0.7% 2.9%
North East £130,056 1.9% 2.5%
North West £156,392 1.9% 5.5%
South East £320,168 0.6% 4.9%
South West £246,159 0.7% 5.3%
West Midlands Region £185,082 0.5% 4.7%
Yorkshire and The Humber £157,762 2.2% 4.9%

UK HPI Average monthly price by property type

Property type July 2017 July 2016 Difference
Detached £334,276 £319,683 4.6%
Semi-detached £209,356 £199,148 5.1%
Terraced £181,049 £173,343 4.4%
Flat or maisonette £203,089 £192,478 5.5%
All £223,257 £212,887 4.9%


Rightmove regional figures
July 2017 Average price (£)
Monthly change
Annual change
Greater London 641,348 1.1 0.9
South East 422,981 0.0 2.4
South West 312,673 0.0 3.9
East of England 348,855 -0.7 3.8
West Midlands 218,468 0.7 6.1
East Midlands 207,378 -0.4 4.9
Wales 185,382 0.6 6.1
North West 186,999 -0.7 2.4
Yorkshire & Humberside 181,856 -1.0 4.1
North East 150,012 -1.3 1.6


FOCUS ON LONDON Average Price (£)


Monthly change


Annual change


Best and Worst (-) performers according to:
Rightmove July 2017
Newham 425,319 0.0 8.5
Lambeth 661,311 -1.3 7.6
Islington 758,841 1.1 -5.3
Merton 641,508 -5.9 -5.5
LSL Acadata July 2017
Kensington and Chelsea 1,954,735 -1.2 17.3
Brent 585,406 0.4 8.7
Islington 731,610 2.0 -4.5
Hackney 543,478 -1.9 -6.4

Figures exclude the City of London, due to small number of transactions

RICS Survey Overview

The RICS Residential Market Survey for 2017 reported that the national price growth indicator had neared zero as London and South East influence the UK average. There is a continued lack of momentum for both sales and enquiries. Most sale prices for the more expensive homes (>£1m) were up to 10% below the asking price.

House prices in the West Midland and South West remain firmly in an upward direction, while London continues to fall.

Price expectations look to continue at a level pace, although some caution was warned in London.

New buyer demand has not seen meaningful growth since November 2016 and newly agreed sales continue to decline. The number of new instructions dwindled in July for the seventeenth consecutive month.

Rental expectations are modestly positive, with increases over the next year anticipated to be under 2% nationally.

Source: Royal Institution of Chartered Surveyors is the UK’s 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 site attracts over 110 million visits from home movers each month who view in excess of 1.5 billion pages (Rightmove data, 2015).

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.

Next Monthly Market Fact File due in September 2017.