Key Facts – ONS UK House Price Index: January 2018
Posted on Tuesday, 20 March, 2018
Monthly house price inflation in the UK, calculated using data from HM Land Registry, Registers of Scotland and Land and Property Services Northern Ireland.
- Average house prices in the UK have increased by 4.9% in the year to January 2018 (down from 5.0% in December 2017). The annual growth rate has slowed since mid-2016 but has remained broadly around 5% since 2017
- The average UK house price was £226,000 in January 2018. This is £11,000 higher than in January 2017 and unchanged from last month.
- The main contribution to the increase in UK house prices came from England, where house prices increased by 4.6% over the year to January 2018, with the average price in England now £242,000. Wales saw house prices increase by 4.5% over the last 12 months to stand at £153,000. In Scotland, the average price increased by 7.3% over the year to stand at £149,000. The average price in Northern Ireland currently stands at £130,000, an increase of 4.3% over the year to Quarter 4 (Oct to Dec) 2017.
- On a regional basis, London continued to be the region with the highest average house price at £486,000, followed by the South East and the East of England, which stood at £323,000 and £290,000 respectively. The lowest average price continued to be in the North East at £123,000.
- The lowest annual growth was in the North East, where prices increased by 0.7% over the year, followed by London at 2.1%
- In January 2018, the most expensive borough to live in was Kensington and Chelsea, where the cost of an average house was £1.4 million. In contrast, the cheapest area to purchase a property was Burnley, where an average house cost £77,000
- City of London and Oxford were in the bottom five UK local authorities, by annual growth in house prices, year to January 2018; City of London -7.9% Average house price £755,178 Oxford -4.7% Average house price£392,792