2018 sees HPI stall

The figures for January house prices have been released by the ONS and the Land Registry, showing a drop in growth from December.

January data shows that on average, UK house prices have fallen by 0.3% since December 2017, with a more substantial drop of 0.5% for English homes.

January’s figures, at 4.8%, are only slightly lower than the 5.0% rise in December, which brings the average property price in the UK to £225,621.

Regionally, the South West experienced the greatest monthly price rise, up by 1.4%, with the North East experiencing the most significant monthly price fall, down by 5.5%. London has returned to better fortunes after dropping off at the end of 2017, with a monthly price rise bringing the index up by one per cent.

However, looking at the most up-to-date house sales figures from HM Land Registry, the number of completed house sales in November 2017 fell by 13% to 64,454 compared with 74,097 in November 2016, with London sales falling a remarkable 24.6% to 6,165 compared with 8,178 in November 2016.

Looking at the country and regional level, the largest annual price growth was recorded in Scotland and the East Midlands at 7.3%. The lowest annual growth was in the North East, where prices increased by 0.7% over the year, followed by London at 2.1%. This is the 14th consecutive month where the annual growth in London has remained below the UK average.

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