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MME Residential Property Review – September 2018

Our monthly residential market review is intended to provide background to recent developments in property markets, as well as to give an indication of how some key issues could impact in the future.

 

HOUSE PRICES HEADLINE STATISTICS

HOUSE PRICE INDEX (JUL 2018)* 121.4*
           AVERAGE HOUSE PRICE £231,422
MONTHLY CHANGE 1.2%
ANNUAL CHANGE 3.1%

*(Jan 2015= 100)

  • UK house prices rose by 3.1% in the year to July 2018
  • House prices grew fastest in the North West region, increasing by 5.6%
  • House prices in London fell by 0.7% in the year to July 2018

HOUSE PRICES PRICE CHANGE BY REGION

Region   Monthly Change (%) Annual Change (%) Average Price (£)
England   1.2 3.0 £248,611
Northern Ireland
(Quarter 2 – 2018)
  -1.0 4.4 £132,795
Scotland   1.4 3.2 £152,245
Wales   -0.2 4.2 £157,368
East Midlands   -0.2 3.0 £188,716
East of England   1.3 2.4 £294,603
London   0.6 -0.7 £484,926
North East   2.6 2.8 £131,505
North West   3.4 5.6 £165,529
South East   0.4 1.8 £327,002
South West   2.4 4.4 £259,971
West Midlands Region   0.6 4.4 £195,447
Yorkshire & The Humber   0.4 3.3 £161,712
Source: The Land Registry
Release date: 19/09/2018 Next date release: 17/10/2018

 

AVERAGE MONTHLY PRICE BY PROPERTY TYPE – JULY 2018

PROPERTY TYPE ANNUAL INCREASE
DETACHED
£352,138
(4.6%)
SEMI-DETACHED 
£216,785
(3.3%)
TERRACED
£187,242
(3.4%)
FLAT / MAISONETTE
£207,639
(0.6%)

Source: The Land Registry
Release date: 19/09/2018

Contains HM Land Registry data © Crown copyright and database right 2017. This data is licensed under the Open Government Licence v3.0.

 

MORTGAGE ACTIVITY

  • July saw steady growth in gross mortgage lending, driven largely by remortgaging as homeowners locked into attractive deals in anticipation of the recent base rate rise.”Peter Tyler, 
    Director at UK Finance

Source: UK Finance
Release date: 24/08/2018

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