UK House Price Index for September 2020

first_imgUK House Price Index for September 2020 The September data shows:on average, house prices have risen 1.7% since August 2020there has been an annual price rise of 4.7% which makes the average property in the UK valued at £244,513EnglandIn England the September data shows, on average, house prices have risen by 1.6% since August 2020. The annual price rise of 4.9% takes the average property value to £261,795.The regional data for England indicates that the:South West experienced the greatest monthly price rise, up by 3.3%East Midlands saw the lowest monthly price growth, with a movement of 0.5%South West experienced the greatest annual price rise, up by 6.4%North East saw the lowest annual price growth, with a rise of 3.3%Price change by region for EnglandRegionAverage price September 2020Annual change % since September 2019Monthly change % since August 2020East Midlands£204,5815.00.5East of England£305,7644.82.6London£496,4854.10.8North East£136,2623.32.8North West£176,9766.01.2South East£336,7634.01.4South West£275,3766.43.3West Midlands£208,4974.01.3Yorkshire and the Humber£174,4505.41.2Repossession sales by volume for EnglandThe lowest number of repossession sales in July 2020 was in the East of England.The highest number of repossession sales in July 2020 was in the North West.Repossession salesJuly 2020East Midlands30East of England8London39North East53North West95South East60South West24West Midlands47Yorkshire and the Humber57England413Average price by property type for EnglandProperty typeSeptember 2020September 2019Difference %Detached£403,358£378,1146.7Semi-detached£245,523£233,3325.2Terraced£213,089£203,1484.9Flat/maisonette£231,842£227,6401.8All£261,795£249,6374.9Funding and buyer status for EnglandTransaction typeAverage price September 2020Annual price change % since September 2019Monthly price change % since August 2020Cash£245,9624.61.9Mortgage£269,7545.01.5First-time buyer£218,2784.21.6Former owner occupier£298,9195.61.7Building status for EnglandBuilding status*Average price July 2020Annual price change % since July 2019Monthly price change % since June 2020New build£305,988-2.00.3Existing resold property£250,7302.70.9*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.LondonLondon shows, on average, house prices have risen by 0.8% since August 2020. An annual price rise of 4.1% takes the average property value to £496,485.Average price by property type for LondonProperty typeSeptember 2020September 2019Difference %Detached£955,563£901,9215.9Semi-detached£611,383£578,5975.7Terraced£530,405£498,5706.4Flat/maisonette£427,689£418,3242.2All£496,485£477,1464.1Funding and buyer status for LondonTransaction typeAverage price September 2020Annual price change % since September 2019Monthly price change % since August 2020Cash£514,7003.20.4Mortgage£490,4604.31.0First-time buyer£431,4383.31.0Former owner occupier£565,4185.10.7Building status for LondonBuilding status*Average price July 2020Annual price change % since July 2019Monthly price change % since June 2020New build£482,421-3.81.0Existing resold property£487,1322.21.1*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.WalesWales shows, on average, house prices have fallen 1.9% since August 2020. An annual price rise of 3.8% takes the average property value to £170,604.There were 39 repossession sales for Wales in July 2020.Average price by property type for WalesProperty typeSeptember 2020September 2019Difference %Detached£258,786£248,6384.1Semi-detached£164,721£158,4294.0Terraced£133,027£127,6414.2Flat/maisonette£115,073£115,173-0.1All£170,604£164,4143.8Funding and buyer status for WalesTransaction typeAverage price September 2020Annual price change % since September 2019Monthly price change % since August 2020Cash£165,0323.1-2.3Mortgage£173,8774.1-1.7First-time buyer£147,2733.7-1.8Former owner occupier£197,8153.8-2.0Building status for WalesBuilding status*Average price July 2020Annual price change % since July 2019Monthly price change % since June 2020New build£219,365-1.50.6Existing resold property£166,1013.20.7*Figures for the two most recent months are not being published because there are not enough new build transactions to give a meaningful result.Access the full UK HPIThe UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion. The price data feeding into the September 2020 UK HPI will mainly reflect those agreements that occurred after the government measures to reduce the spread of coronavirus (COVID-19) took hold.UK house pricesUK house prices increased by 4.7% in the year to September 2020, up from 3.0% in August 2020. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.7% between August 2020 and September 2020, compared with a rise of 0.1% during the same period a year earlier (August 2019 and September 2019).The UK Property Transactions Statistics showed that in September 2020, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 98,010. This is 0.7% lower than a year ago. Between August 2020 and September 2020, UK transactions increased by 21.3% on a seasonally adjusted basis.House price growth was strongest in England where prices increased by 4.9% in the year to September 2020. The highest annual growth within the English regions was in the South West where average house prices grew by 6.4%. The lowest annual growth was in the North East, where prices increased by 3.3% in the year to September 2020.See the economic statement.BackgroundThe UK House Price Index (HPI) is published on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. The October 2020 UK HPI will be published at 9.30am on Wednesday 16 December 2020. See calendar of release dates.We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.Sales volume data is also available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions involving the creation of a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.Revision tables have been introduced for England and Wales within the downloadable data. 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