Housing market: Data on house prices, mortgage approvals and house-building.Jump to full report >>
House prices, as measured by the UK House Price Index, increased by 4.7% between May 2016 and May 2017. On a seasonally adjusted basis house prices increased by 0.2% between April and May 2017.
There are regional differences in house prices. The average price is highest in London at roughly £481,000. The lowest prices are found in Northern Ireland and the North East at £124,000 and £127,000 respectively.
Mortgage approvals in May 2017 were up by 0.2% on the previous month but 1.9% down on a year ago. Approvals remain well down on pre-recession levels. There were 65,202 mortgage approvals in May 2017, compared with 66,477 in May 2016.
Bank of England data on the number of mortgages approved to finance house purchases are a leading indicator of house sales.
Housing starts increased by 3% in Q1 2017 compared with Q4 2016. Housing starts and completions have increased from the lows observed in late 2008 and early 2009 but remain below pre-recession levels.
There were 43,170 house building starts (seasonally adjusted) in England in Q1 2017, a 3% increase on the previous quarter, and up 21% on the same quarter of 2016. This is above the recent low of 17,150 in Q1 2009, but still below the 48,970 starts in Q1 2007.
There were 39,520 dwelling completions (seasonally adjusted) in Q1 2017, up 9% on the previous quarter and 21% on the same quarter of 2016. Completions remain below the peak of 48,440 completions in Q1 2007.