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Release: House Price Index, February 2013

Released: 16 April 2013 Next edition: 21 May 2013


Christopher Jenkins

Prices Division

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 February 2013 UK house prices increased by 1.9%, down from a 2.2% increase in the 12 months to January 2013.
  • House price growth remains relatively stable across most of the UK, although prices in London are increasing and prices in Northern Ireland are falling .
  • The year-on-year increase reflected growth of 2.1% in England and 4.1% in Wales, which were offset by declines of 1.2% in Scotland and 7.7% in Northern Ireland.
  • Annual house price increases in England were driven by a 5.9% rise in London and a 2.4% increase in the North East.
  • Excluding London and the South East, UK house prices increased by 0.6% in the 12 months to February 2013.
  • On a seasonally adjusted basis, UK house prices were unchanged between January and February 2013.
  • In February 2013, prices paid by first-time buyers were 1.6% higher on average than in February 2012. For owner-occupiers (existing owners) prices increased by 2.1% for the same period.

In this release

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.

ONS has published Official House Price Statistics Explained, a guidance document that details the ONS HPI methodology and explains the differences between the different sources of official house price statistics.

Revisions this month

New mix-adjustment weights for 2013 have been implemented in the current release. This update has revised the January 2013 mix-adjusted prices (in tables 2, 4 and 6). For further details on the annual update of weights, please see the 're-weighting' section in the statistical bulletin. There are small revisions to the seasonally adjusted series for the last 12 months, which are expected from the monthly seasonal adjustment process.

Revisions expected next month

The March 2013 release will incorporate transactions from those lenders that provide data on a quarterly basis. This is likely to produce small revisions to January and February 2013 data.

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). (3.22 Mb Excel sheet) This reference table provides full historical series for the monthly tables accompanying the House Price Index statistical bulletin. This month, tables 1 to 9 have been updated with the latest monthly data for February 2013. Average mix-adjusted house prices for January 2013 in tables 2, 4 and 6 have been revised to reflect new weights for 2013. 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. No updates have been made to the quarterly tables this month. Please note that during the transfer ONS renumbered the live tables. Full details of the new table numbers and their corresponding DCLG table numbers can be found in the 'contents' page of the reference table.

ONS HPI annual tables (numbers 20 to 39). (1.14 Mb Excel sheet) This reference table contains all the annual live tables transferred to ONS from DCLG. There are no updates to any of the annual tables this month.

Content from the Office for National Statistics.
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