HPI: House Price average rises 13.6% since 2021

The figures, taken from between August 2021 to August 2022, were down from 16% from the 12-month period up to July 2022.

Monthly, the average has risen by 0.9% between July and August 2022, down from an increase of three percent from the same period last year.

Additionally, the Royal Institution of Chartered Surveyors’ (RICS’) Residential Market Survey for August 2022 reported that new buyer inquiries continue to decline, with supply on the market remaining restricted.

Demand still exceeds supply however this is tempered by prospective buyers’ fears regarding the cost-of-living crisis.

The estimated number of housing transactions at a value of £40,000 or greater was 104,980. This is 7.6% higher than a year ago (August 2021), while between July and August 2022, UK transactions increased by 1.1% on a seasonally adjusted basis.

Annual increases differed by country, with England seeing increases of 14.3% in the year leading up to August 2022 with Scotland seeing increases of 9.7%. Monthly, England had an average increase of one percent while Scotland’s average sat at 0.2%.

The largest increase however was recorded in Wales, seeing a 14.6% increase in the average house price. Wales also saw a monthly average increase of 0.2%.

Meanwhile, Northern Ireland saw an increase of 9.6%, albeit over the year to the second quarter of 2022 - covering the period between April and June.

Regionally, the east midlands saw the highest monthly average increase, sitting at 2.3%, while its annual change was 16.9%. The highest annual change was seen in the south west, with a change of 17%.

This left the average property price in the east midlands resting at £255,114, while the south west’s average was £335,927.

London still has the highest average property price but annually was the slowest growing region in terms of rising prices, with the annual rise sitting at eight percent, less than half that of the highest increase in the south west.

The lowest monthly increase was seen in the north west, seeing a 0.4% monthly increase. Meanwhile, the west midlands region saw an average monthly decrease, sitting at -0.2%.

Regarding property types, detached properties saw an increase of 15.3% from August 2021 to August 2022, while semi-detached properties increased in value by 14.2%.

The average value of a detached property in the UK was left at £466,016 and semi-detached values were left at £285,575.