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UK house prices increased by 5.2% in the year to August 2015, unchanged from 5.2% in the year to July 2015





  • UK house prices increased by 5.2% in the year to August 2015, unchanged from 5.2% in the year to July 2015.
  • House price annual inflation was 5.6% in England, 0.8% in Wales, 2.9% in Northern Ireland and -0.9% in Scotland.
  • Annual house price increases in England were driven by an annual increase in the East (8.8%) and the South East (7.4%).
  • Excluding London and the South East, UK house prices increased by 4.8% in the 12 months to August 2015.
  • On a seasonally adjusted basis, average house prices increased by 0.7% between July and August 2015.
  • In August 2015, prices paid by first-time buyers were 3.8% higher on average than in August 2014.
  • For owner-occupiers (existing owners), prices increased 5.8% 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.
We have published Official House Price Statistics Explained (974.4 Kb Pdf) , a guidance document that details our HPI methodology and explains the differences between the different sources of official house price statistics.
Development of a single, official house price index - progress update
The last progress update regarding the development of a single, official house price index was published in July 2015.
Since the last update, there have been delays in securing access to the data required to begin test production of the new index, however, work is still progressing. Property attributes data from the Valuation Office Agency (the council tax valuation list) has been secured, along with historic data from the Land Registry. Analysis has been taking place to match these two sources of data and to provisionally begin refining the methodology for the new house price index (279.7 Kb Pdf) . Corresponding data for Scotland is expected to be available shortly, which will enable the new methodology to be finalised and subsequently allow the test production of the new index to commence. Additional work is also taking place to quality assure these input datasets, and to finalise the data sharing agreements necessary to ensure the ongoing supply and use of the data.
The immediate focus of the development work will now be to finalise and test the new methodology followed by the publication of an article detailing the proposed new methodology for users. It is expected that the article will be published in late November 2015.
The development Working Group has also been considering the transition to the new house price index for users. Further details regarding the transition plan will be published in early 2016, and will likely include a number of user events to fully explain the changes ahead of the anticipated first publication of the new index by June 2016.
For further details, please contact hpi@ons.gsi.gov.uk
New this month
New house price data for August 2015 are published this month. The monthly and quarterly reference table (3.64 Mb Excel sheet) has been updated to include data for August 2015.
Revisions this month
There are small revisions to the seasonally adjusted series for the last 12 months, which are expected from the monthly seasonal adjustment process.
Revisions next month
Small revisions are expected next month for the July and August 2015 HPI figures as scheduled. These reflect quarterly submissions delivered by a small proportion of mortgage lenders.
Data tables
The HPI monthly and quarterly reference table (3.64 Mb Excel sheet) 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 August 2015. The seasonally adjusted figures in Table 7 have been revised this month as scheduled.
The HPI annual reference table (1.19 Mb Excel sheet) contains all the annual live tables. No annual tables have been updated this month. The next set of updates to annual tables will be in March 2016.
The HPI weights summary reference table (83.5 Kb Excel sheet) provides a summary of the aggregated mix-adjustment weights used in the production of the HPI for the period 2007 to 2015. The mix-adjustment weights are updated in the February HPI each year.
Further Reading 

Residential sales Move up despite lack of property Stock RICS Sept housing report

House building activity in the UK this year is set to top levels seen in 2014, according to new figures released today by NHBC.

 
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Bank of England concerns over Property buy-to-let boom 

UK net Mortgage lending leads to five year high in August 2015 BBA

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Taylor Wimpey CEO Peter Redfern will lead Labour Housing Redfern Review 

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easyproperty.com CEO Rob Ellice says 42 % of UK will soon be using Online Estate Agents

Former Cricket Team Aces Join the Online EstateAgent business model thehomecloud.co.uk



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