The UK’s latest official House Price Index (HPI), which reveals house price changes for England, Scotland, Wales and Northern Ireland has just been published by the government. The data shows monthly house prices rose by 1.2% since April 2022, an annual price increase of 12.8% which takes the average property value in the UK to £283,496.
 
England & Wales
In England the report shows that, on average, house prices have risen by 1.3% since April 2022. The annual price rise of 13.1% takes the average property value to £302,278. The regional data for England indicates that the South West experienced the greatest increase in its average property value over the last 12 months with a movement of 16.9%. London saw the lowest annual price growth with an increase of 8.2%, the North West saw the most significant monthly price fall with a movement of -0.2% since April 2022, the East of England experienced the greatest monthly growth with an increase of 2.6% since April 2022. Wales shows, on average, house prices have risen by 0.9% since April 2022. An annual price rise of 14.4% takes the average property value to £212,414.
 
UK house prices
UK house prices increased by 12.8% in the year to May 2022, up from 11.9% in April 2022. On a non-seasonally adjusted basis, average house prices in the UK increased by 1.2% between April and May 2022, up from an increase of 0.4% during the same period a year earlier (April and May 2021). The UK Property Transactions Statistics showed that in May 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 109,210. This is 5.1% lower than a year ago (May 2021). Between April and May 2022, UK transactions increased by 1.3% on a seasonally adjusted basis. House price growth was strongest in the South West where prices increased by 16.9% in the year to May 2022. The lowest annual growth was in London, where prices increased by 8.2% in the year to May 2022.
 
See the economic statement.