UK House Prices – Latest News, 2022/7/22
2022-07-22
20 July: Prices Rocket In Year To May, Says ‘Most Comprehensive’ Survey
The value of an average home in the UK increased by 12.8% in the year to May 2022, according to the latest data from the Office for National Statistics (ONS) – a rise from 11.9% recorded in the year to April.
The figures – which, unlike other house price indices, are based on completed sales data and not mortgage approvals or asking prices – put the average cost of a UK home at £283,000 in May. That’s £32,000 higher than this time last year.
On a monthly basis – and when seasonally adjusted – UK house prices increased by 0.9% between April and May, which was higher than the 0.4% registered in the previous month.
National picture
Wales continued to lead the charge, registering the biggest house price increase of 14.4% over the 12 months to May. It puts the cost of an average home in the country at £212,000.
In England, average house prices increased by 13.1% over the period to reach £302,000.
The property market in Scotland saw a 11.2% rise, putting average home values at £188,000, while Northern Ireland saw a 10.4% rise to £165,000.
On a regional level, the South West recorded the highest annual house price growth, with property values increasing by 16.9% in the year to May – an even higher rise than the 14.7% recorded in the year to April.
The lowest annual house price growth was seen in London, where average prices increased by 8.2% over the 12 months to May. However, average prices in the capital still stood north of half a million pounds in May at £526,000.
This compares to an average of £154,000 in the North East, the region in which property is at its cheapest.
Climbing costs
The latest evidence of soaring property prices coincides with new inflation figures also published today which show that the cost of living was 9.4% higher in June compared to 12 months ago. It reflects relentlessly rising prices of energy, food and fuel.
Those trying to buy their first home or remortgage their current one will also be facing interest rates that have risen five times since the end of last year, and look set to climb again as the Bank of England attempts to counter rising inflation.
Jeremy Leaf, a London estate agent and former chairman of the Royal Institution of Chartered Surveyors (RICS), said: “As we are finding at the sharp end, prices are continuing their upward path, despite the impact of 40-year high inflation and five successive interest rate rises.
“The continuing lack of choice, combined with a desire to take advantage of mortgage offers at super-low rates before they expire, have given the market added impetus.”
The value of an average home in the UK increased by 12.8% in the year to May 2022, according to the latest data from the Office for National Statistics (ONS) – a rise from 11.9% recorded in the year to April.
The figures – which, unlike other house price indices, are based on completed sales data and not mortgage approvals or asking prices – put the average cost of a UK home at £283,000 in May. That’s £32,000 higher than this time last year.
On a monthly basis – and when seasonally adjusted – UK house prices increased by 0.9% between April and May, which was higher than the 0.4% registered in the previous month.
National picture
Wales continued to lead the charge, registering the biggest house price increase of 14.4% over the 12 months to May. It puts the cost of an average home in the country at £212,000.
In England, average house prices increased by 13.1% over the period to reach £302,000.
The property market in Scotland saw a 11.2% rise, putting average home values at £188,000, while Northern Ireland saw a 10.4% rise to £165,000.
On a regional level, the South West recorded the highest annual house price growth, with property values increasing by 16.9% in the year to May – an even higher rise than the 14.7% recorded in the year to April.
The lowest annual house price growth was seen in London, where average prices increased by 8.2% over the 12 months to May. However, average prices in the capital still stood north of half a million pounds in May at £526,000.
This compares to an average of £154,000 in the North East, the region in which property is at its cheapest.
Climbing costs
The latest evidence of soaring property prices coincides with new inflation figures also published today which show that the cost of living was 9.4% higher in June compared to 12 months ago. It reflects relentlessly rising prices of energy, food and fuel.
Those trying to buy their first home or remortgage their current one will also be facing interest rates that have risen five times since the end of last year, and look set to climb again as the Bank of England attempts to counter rising inflation.
Jeremy Leaf, a London estate agent and former chairman of the Royal Institution of Chartered Surveyors (RICS), said: “As we are finding at the sharp end, prices are continuing their upward path, despite the impact of 40-year high inflation and five successive interest rate rises.
“The continuing lack of choice, combined with a desire to take advantage of mortgage offers at super-low rates before they expire, have given the market added impetus.”
He added that, while ‘a little dated’ the ONS produced the most comprehensive of all house price surveys.
Source: Forbes
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