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Release: House Price Index, December 2012

Released: 12 February 2013 Next edition: 19 March 2013

Contact

Christopher Jenkins

Prices Division

christopher.jenkins@ons.gsi.gov.uk

Telephone: +44 (0)1633 455474

Categories: House Price Indices, Economy, Prices, Output and Productivity, Price Indices and Inflation, Housing and Households, Housing Market

Frequency of release: Monthly

Language: English

Geographical coverage: UK

Geographical breakdown: Region

  • In the 12 months to December 2012 UK house prices increased by 3.3%, up from a 2.2% increase in the 12 months to November.
  • House prices have increased across most of the UK in 2012, although prices in Northern Ireland have continued to fall.
  • The year-on-year increase reflected growth of 3.4% in England, 2.4% in Wales and 3.1% in Scotland, which were offset by a decline of 5.7% in Northern Ireland.
  • Annual house price increases in England were driven by a 6.4% rise in London and a 3.7% increase in the South East.
  • Excluding London and the South East, UK house prices increased by 1.9% in the 12 months to December 2012.
  • On a seasonally adjusted basis, UK house prices increased by 0.9% between November and December.
  • In December 2012, prices paid by first-time buyers were 2.7% higher on average than in December 2011. For owner-occupiers (existing owners) prices increased by 3.5% for the same period.

The ONS House Price Index (HPI), previously published by the Department for Communities and Local Government (DCLG) is a monthly release that publishes figures for mix-adjusted average house prices and house price indices for the UK and its component countries and regions. The index is calculated using mortgage financed transactions that are collected via the Regulated Mortgage Survey by the Council of Mortgage Lenders. These cover the majority of mortgage lenders in the UK.

The HPI statistical bulletin provides comprehensive information on the change in house prices on a monthly and annual basis. It also includes analysis by country, region, type of buyer (first-time buyers and former owner-occupiers) and type of dwelling (new dwelling or pre-owned dwelling). Historical series for all accompanying tables are also available in the data section of this release.

The transfer of the HPI from DCLG to ONS took place in April 2012. All associated HPI tables that were previously published by DCLG (tables A1–A7 and live tables 502–508, 511–517, 521, 523, 534–540, 557, 571, 572 & 590–594) are now available in the HPI reference tables which can be accessed via the data section of this release. Note that ONS have renumbered these tables as part of the transfer. A full look-up table is included in each HPI reference table that will allow users to locate the new ONS table number. The content of these tables has not changed.

All historical HPI data previously published by DCLG will remain on the DCLG website for at least the next 12 months.

Revisions this month

Estimates for October and November 2012 have been revised as scheduled to account for those mortgage lenders who provide data on a quarterly rather than monthly basis.

There have also been small revisions to the seasonally adjusted series for the last 12 months, which are expected from the monthly seasonal adjustment process.

Other useful information:

From the April 2012 statistical bulletin onwards, average mix-adjusted house prices are published rounded to the nearest £1,000.

ONS HPI monthly and quarterly tables (numbers 1 to 19). (3.21 Mb Excel sheet) This reference table provides full historical series for the monthly tables accompanying the House Price Index statistical bulletin. This reference table also contains all the quarterly live tables transferred to ONS from DCLG. Please note that during the transfer, ONS has renumbered the live tables - full details of the new numbers and their corresponding DCLG numbers can be found in the 'contents' page of the reference table. This month, tables 1 to 9 have been updated with the latest monthly data for December 2012 and scheduled quarterly revisions to October and November 2012 data. The seasonally adjusted figures for the last 12 months in Table 7 have also been revised this month as scheduled. This reference table also contains all the quarterly live tables transferred to ONS from DCLG. This month, quarterly tables 10 to 19 have been updated with the latest data for Q4 2012.

ONS HPI annual tables (numbers 20 to 39). (1.13 Mb Excel sheet) This reference table contains all the annual live tables transferred to ONS from DCLG. Please note that during the transfer, ONS has renumbered the live tables - full details of the new numbers and their corresponding DCLG numbers can be found in the 'contents' page of the reference table. There are no updates to the annual tables this month.

Content from the Office for National Statistics.
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