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 1.2% between May 2018 and May 2019. On a seasonally adjusted basis house prices were little changed between April 2019 and May 2019.
There are regional differences in house prices. The average price is highest in London at roughly £457,000. The lowest prices are found in Northern Ireland and the North East at £135,000 and £128,000 respectively.
Bank of England data on the number of mortgages approved to finance house purchases are a leading indicator of house sales.
Mortgage approvals for house purchases in May 2019 were up a little on a year ago but down 1% on April 2019. Approvals remain well down on pre-recession levels. There were 65,409 mortgage approvals in May 2019, compared with 65,092 in May 2018.
Housing starts and completions have increased from the lows observed in late 2008 and early 2009 but remain below pre-recession levels.
There were 36,630 house building starts (seasonally adjusted) in England in Q1 2019, a 9% decrease compared with the previous quarter, and a 9% decrease compared with the same quarter of 2018. This is above the recent low of 17,120 in Q1 2009, but still below the 48,920 starts in Q1 2007.
There were 42,870 dwelling completions (seasonally adjusted) in Q1 2019, a 1% increase compared with the previous quarter, and a 14% increase compared with the same quarter of 2018. Completions remain below the peak of 48,430 completions in Q1 2007.