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Frequency of release: Monthly
Geographical coverage: UK
Geographical breakdown: Region
In the 12 months to July 2012 UK house prices increased by 2.0 per cent, down from a 2.3 per cent increase in the 12 months to June. House prices remain relatively stable across most of the UK although prices in London continue to increase whilst Northern Ireland prices are falling.
The year-on-year increase reflected growth of 2.4 per cent in England, which was offset by declines in Scotland, Wales and Northern Ireland of 1.1 per cent, 0.2 per cent and 10.9 per cent respectively.
Annual house price increases in England were driven by a 5.7 per cent rise in London, and increases in the East of England and Yorkshire and the Humber of 2.4 per cent and 2.0 per cent respectively. Annual house prices decreased by 1.3 per cent in the North West and 0.5 per cent in the North East.
Excluding London and the South East, UK house prices increased by 0.6 per cent in the 12 months to July 2012.
On a seasonally adjusted basis, UK house prices were unchanged between June and July.
Prices of new dwellings rose by 1.6 per cent during the 12 months to July 2012, while the price of pre-owned dwellings increased by 1.9 per cent in the same period.
In July 2012, prices paid by first-time buyers were 1.8 per cent higher on average than in July 2011. For owner-occupiers (existing owners) prices increased by 2.0 per cent 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
The ONS HPI was previously seasonally adjusted by subtracting seasonal factors from the unadjusted series. Seasonal factors were estimated on an annual basis and forecast 12 months ahead. From this publication onwards, seasonal factors will now be estimated on a monthly basis and not forecast. This methodological change follows from the latest annual review of the seasonal adjustment process and brings the HPI in line with ONS best practice.
As a result of this change the accuracy of the seasonally adjusted figures in Table 7 will improve. Implementing this change in seasonal adjustment methodology has resulted in small revisions to the seasonally adjusted indices going back to February 2002.
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). (3.17 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.
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.