It’s time for another House Price Index. Here are the latest statics concerning house prices in the UK. Below you’ll find insights from RICS UK and Halifax, along with the latest price index from the Government covering August’s activity.
“The September 2022 RICS UK Residential Survey results remain indicative of the sales market losing momentum, with the outlook for interest rates and the uncertain macro picture more broadly taking a toll on activity. Indeed, at least in terms of the initial reaction, the impact from the expected rise in mortgage rates over the coming six months is anticipated to outweigh any potential boost from the recently announced cut to Stamp Duty. For the time being, house prices are still edging higher across the country, underpinned by the lack of stock available. Nevertheless, the pace of growth has moderated noticeably according to the latest survey feedback, while twelve-month expectations have now turned negative. ” RICS UK Market Survey – September 2022
Halifax also reported the following key points for September 2022:
- House prices decreased marginally (-0.1%) in September (vs. +0.3% in August)
- Annual rate of growth fell further to +9.9% (from +11.4%)
- A typical UK property now costs £293,835
- Annual inflation slowed in all but one region during September
- Wales still showing the strongest annual growth in the UK
Government Land Registry House Prices Index – August 2022
|Region / County||1 Month %||3 Month %||6 Month %||12 Month %||24 Month %|
|West Midlands Region||1.47%||4.37%||7.82%||12.32%||22.60%|
|East of England||1.19%||3.91%||6.50%||14.27%||23.21%|
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Sources: Index data taken from Government Land Registry House Price Index – Aug 2022, September statistics taken from Halifax House Price Index, Nationwide House Price Index, RICS UK Market Survey