UK House Price Index for August 2022

The UK HPI shows house price changes for England, Scotland, Wales and Northern Ireland.

The August data shows:

• on average, house prices have risen 0.9% since July 2022
• there has been an annual price rise of 13.6% which makes the average property in the UK valued at £295,903

England

In England, the August data shows on average, house prices have risen by 1% since July 2022. The annual price rise of 14.3% takes the average property value to £315,965.

The regional data for England indicates that:

• the East Midlands experienced the greatest monthly rise with an increase of 2.3%
• the West Midlands saw the lowest monthly price growth, with a movement of -0.2%
• the South West experienced the greatest annual price rise, up by 17%
• London saw the lowest annual price growth, with a rise of 8.3%

Price change by region for England

Region	Average price August 2022	Annual change % since August 2021	Monthly change % since July 2022
East Midlands	£255,114	16.9	2.3
East of England	£364,885	14.3	1.2
London	£552,755	8.3	0.9
North East	£164,395	14.3	0.9
North West	£219,025	15.3	0.4
South East	£406,981	14.8	1.4
South West	£335,927	17	1.3
West Midlands	£255,202	13.9	-0.2
Yorkshire and the Humber	£212,313	13.9	0.8

Repossession sales by volume for England

The lowest number of repossession sales in May 2022 was in the South West.

The highest number of repossession sales in May 2022 was in the North East.

Repossession sales	May 2022
East Midlands	7
East of England	4
London	6
North East	25
North West	14
South East	10
South West	3
West Midlands	6
Yorkshire and the Humber	20
England	95

Average price by property type for England

Property type	August 2022	August 2021	Difference %
Detached	£497,992	£429,637	15.9
Semi-detached	£301,973	£263,191	14.7
Terraced	£258,301	£226,049	14.3
Flat/maisonette	£259,591	£233,812	11
All	£315,965	£276,457	14.3

Funding and buyer status for England

Transaction type	**Average price August 2022	Annual price change % since August 2021	Monthly price change % since July 2022
Cash	£295,374	13.8	1.1
Mortgage	£326,163	14.5	1
First-time buyer	£262,022	14	0.8
Former owner occupier	£362,680	14.6	1.2

Building status for England

Building status	Average price August 2022	Annual price change % since August 2021	Monthly price change % since July 2022
New build	£420,641	22.3	2.7
Existing resold property	£297,193	5.9	1.2

London

London shows, on average, house prices have risen by 0.9% since July 2022. An annual price rise of 8.3% takes the average property value to £552,755.

Average price by property type for London

Property type	August 2022	August 2021	Difference %
Detached	£1,121,142	£1,036,859	8.1
Semi-detached	£714,098	£651,633	9.6
Terraced	£604,387	£553,544	9.2
Flat/maisonette	£459,400	£428,618	7.2
All	£552,755	£510,268	8.3

Funding and buyer status for London

Transaction type	Average price August 2022	Annual price change % since August 2021	Monthly price change % since July 2022
Cash	£569,354	6.3	0.7
Mortgage	£546,765	8.8	0.9
First-time buyer	£476,248	8.4	0.7
Former owner occupier	£636,231	8.1	1

Building status for London

Building status	Average price August 2022	Annual price change % since August 2021	Monthly price change % since July 2022
New build	£593,168	17.2	2.3
Existing resold property	£532,570	4.9	1.8

Wales

Wales shows, on average, house prices have risen by 0.2% since July 2022. An annual price rise of 14.6% takes the average property value to £220,059.

There were 5 repossession sales for Wales in August 2022.

Average price by property type for Wales

Property type	August 2022	August 2021	Difference %
Detached	£339,517	£293,535	15.7
Semi-detached	£212,933	£186,319	14.3
Terraced	£171,347	£149,275	14.8
Flat/maisonette	£137,934	£124,553	10.7
All	£220,059	£192,019	14.6

Funding and buyer status for Wales

Transaction type	Average price August 2022	Annual price change % since August 2021	Monthly price change % since July 2022
Cash	£213,344	14.4	0.7
Mortgage	£224,008	14.7	0
First-time buyer	£189,230	14.5	0
Former owner occupier	£256,397	14.7	0.5

Building status for Wales

Building status	Average price August 2022	Annual price change % since August 2021	Monthly price change % since July 2022
New build	£318,924	26.2	2.9
Existing resold property	£208,577	8.1	1.3

UK house prices

UK house prices increased by 13.6% in the year to August 2022, down from 16.0% in July 2022. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.9% between July and August 2022, down from an increase of 3.0% during the same period a year earlier (July and August 2021).

The UK Property Transactions Statistics showed that in August 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 104,980. This is 7.6% higher than a year ago (August 2021). Between July and August 2022, UK transactions increased by 1.1% on a seasonally adjusted basis.

House price growth was strongest in the South West where prices increased by 17.0% in the year to August 2022. The lowest annual growth was in London, where prices increased by 8.3% in the year to August 2022.

See the economic statement.

The UK HPI is based on completed housing transactions. Typically, a house purchase can take 6 to 8 weeks to reach completion.

Access the full UK HPI

Source: HM Land Registry