The Government has published the latest UK House Price Index data. This is the third publication since May 2020 following the decision to suspend the index as a result of the effect the coronavirus pandemic had on the reporting of the data.
Between now and 21 October, they will be publishing the reports that were meant to be published during the period of suspension to enable the August data to be released on 21 October,. The June index was originally scheduled to be released in August.
UK house prices increased by 3.4% in the year to June 2020, up from 1.1% in May 2020. On a non-seasonally adjusted basis, average house prices in the UK increased by 2.7% between May 2020 and June 2020, compared with a rise of 0.4% during the same period a year earlier (May 2019 and June 2019).
The UK Property Transactions Statistics for June 2020 showed that on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 61,780. This is 37.4% lower than a year ago. Between May 2020 and June 2020, transactions increased by 28.4%.
House price growth was strongest in England where prices increased by 3.5% over the year to June 2020. The highest annual growth within the English regions was in the East Midlands where average house prices grew by 4.5%. The lowest annual growth was in the North East, where prices increased by 1.7% over the year to June 2020.
In England, the June data shows on average, house prices have risen by 2.8% since May 2020. The annual price rise of 3.5% takes the average property value to £254,423.
The regional data for England indicates that:
- the North West experienced the greatest monthly price rise, up by 4.3%
- the South East saw the lowest monthly price growth, with a rise of 1.6%
- the East Midlands experienced the greatest annual price rise, up by 4.5%
- the North East saw the lowest annual price growth, with a rise of 1.7%
London shows, on average, house prices have risen by 3.6% since May 2020. An annual price rise of 4.2% takes the average property value to £490,495.
Wales shows, on average, house prices have risen by 2.7% since May 2020. An annual price rise of 2.8% takes the average property value to £167,505.