UK HPI shows annual price increase of 7.3%

UK HPI figures are published on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. According to the HPI, prices have by 0.9% since May 2022, taking the average property price up to £304,867. The highest monthly rise (2.1%) was seen in the Northwest, the lowest monthly increase (0.5%) was seen in both the East of England and the Southwest, with the West Midlands remaining the same.

Alternatively, in Yorkshire and the Humber, the price has decreased by -0.4% since May 2022. Annually, the highest change was recorded in the East of England, with a 9.7% rise taking the average property price up to £354,481. The lowest annual change was recorded in the Northeast (3.6%), leaving property prices an average of £157,924. These changes still left London the most expensive place to purchase property in the country, with the average price landing on £537,920, seeing an annual change of 6.3% and a monthly change of 1.9%.

Looking at property types specifically over all of England, semi-detached properties saw the highest annual difference with 8.7%, with detached properties following closely behind at 8.6%. Meanwhile, the lowest difference was seen in flats/maisonettes, changing by 4.4%. With regards to London, Semi-detached and detached properties saw the highest annual difference (8.5%), with Flats/Maisonettes seeing a difference of 5%.

In terms of the way that consumers are purchasing properties, mortgages and former owner occupiers saw the highest increase, going up by 7.6% since June 2021, with cash purchases increasing the least, by 6.3%. Regarding the monthly changes, the highest seen was first time buyers (1.3), with former owner occupier purchases rising by 0.6% since May 2022.

In England, new builds saw a monthly decrease by -4%, but an overall annual increase of 16.9%, while existing properties saw a monthly increase of 1.1% and an annual increase of 11.3%.

Meanwhile, in Wales, house prices have risen by 0.6% since May 2022. An annual price rise of 8.6% takes the average property value to £213,091. Semi-detached properties saw the largest annual increase of 9.7% (£189,073 to £207,493), while flat/maisonettes saw the lowest increase of 3.2% (£129,456 to £133,647).

Overall, UK house prices increased by 7.8% in the year to June 2022, down from 12.8% in May 2022. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.0% between May and June 2022, down from an increase of 5.7% during the same period a year earlier (May and June 2021).