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Release: House Price Index, October 2013

Released: 17 December 2013 Next edition: 14 January 2014

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 October 2013 UK house prices increased by 5.5%, up from a 3.8% increase in the 12 months to September 2013.
  • The year-on-year increase reflected growth of 5.7% in England, 2.0% in Wales, 3.3% in Scotland and 4.8% in Northern Ireland.
  • House price growth is beginning to increase across parts of the UK, with prices in London increasing faster than the UK average.
  • In October 2013, the UK mix-adjusted House Price Index reached 186.3, surpassing the record level witnessed in August 2013 by 0.2%.
  • Annual house price increases in England were driven by rises in London (12.0%), the East of England (4.8%) and the West Midlands (4.7%).
  • Excluding London and the South East, UK house prices increased by 3.1% in the 12 months to October 2013.
  • On a seasonally adjusted basis, average house prices increased by 1.4% between September and October 2013.
  • In October 2013, prices paid by first-time buyers were 5.9% higher on average than in October 2012. For owner-occupiers (existing owners), prices increased by 5.3% 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.

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.

New this month

New house price data for October 2013 are published this month. The monthly and quarterly reference table (3.36 Mb Excel sheet) has been updated to include data for October 2013, along with revised data for August and September 2013.

Revisions this month

Data for August and September 2013 have been revised to account for additional records which were made available this month.

Revisions next month

There are no revisions expected in the November 2013 HPI beyond the usual seasonal adjustment revisions.

Taking forward the recommendations from the National Statistician’s review of UK house price statistics - update

In July 2013, it was announced that following agreement across the four producers of official house price statistics (Land Registry, Office for National Statistics, Registers of Scotland and Land & Property Services, Northern Ireland), a joint project would be initiated to consider the development of a single definitive UK House Price Index (HPI) from which official providers can report on their own areas of responsibility in a way that can be directly compared. This collaborative approach would hopefully allow the publishing of consistent HPI data at a national, regional and sub-regional level across the UK.

Since July, work has focused on assessing the current sources of data used in the production of official house price statistics and the feasibility of combining these sources to produce a single, definitive HPI. Whilst good progress has been made, further work is now required to investigate sources of property attributes data that would be required to supplement the current data and to begin assessing the different methodologies that could potentially be used to produce a definitive index. This additional analysis will take place during the next few months with the aim of identifying a suitable methodology and comprehensive source of property attributes data that could be used to produce the definitive HPI. Details regarding this analysis and any further development will be made available in the first quarter of 2014.

If you have any questions regarding the proposed development and the analysis taking place, please use the following email address to contact us: hpi@ons.gsi.gov.uk  

This update was first published in October 2013.

Data tables

ONS HPI monthly and quarterly reference tables (3.36 Mb Excel sheet) (number 1 to 19). 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 estimates for October 2013. Estimates for August and September 2013 have been revised to account for additional records which were made available this month. 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. 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. Estimates for the third quarter of 2013 in tables 10 to 19 have been updated to include additional records which were made available for August and September 2013.

ONS HPI annual tables (1.16 Mb Excel sheet) (number 20 to 39). This reference table contains all the annual live tables transferred to ONS from DCLG. No annual tables have been updated this month. The next scheduled update of this table is March 2014.

Content from the Office for National Statistics.
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