House of Commons Library

Housing Market: Key Economic Indicators

Published Tuesday, November 14, 2017

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 5.4% between September 2016 and September 2017. On a seasonally adjusted basis house prices increased by 0.8% between August and September 2017.

There are regional differences in house prices. The average price is highest in London at roughly £484,000. The lowest prices are found in Northern Ireland and the North East at £132,000 and £130,000 respectively.

UK house price index, monthly % change, seasonally adjusted

Mortgage approvals in September 2017 were down 1.5% on the previous month but up 3.1% on a year ago. Approvals remain well down on pre-recession levels. There were 66,232 mortgage approvals in September 2017, compared with 64,216 in September 2016.

Mortgage approvals, UK

Housing starts decreased by 3% in Q2 2017 compared with Q1 2017. Housing starts and completions have increased from the lows observed in late 2008 and early 2009 but remain below pre-recession levels.

There were 41,180 house building starts (seasonally adjusted) in England in Q2 2017, a 3% decrease on the previous quarter, but up 10% 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 40,310 dwelling completions (seasonally adjusted) in Q2 2017, up 2% on the previous quarter and 15% on the same quarter of 2016. Completions remain below the peak of 48,440 completions in Q1 2007.

Commons Briefing papers SN02820

Author: Matthew Keep

Topics: Economic situation, Housing

Share this page

Stay up to date

  • Subscribe to RSS feed Subscribe to Email alerts Commons Briefing papers

House of Commons Library

The House of Commons Library provides research, analysis and information services for MPs and their staff.