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Release: House Price Index, September 2014

Released: 18 November 2014 Next edition: 16 December 2014

Contact

Christopher Jenkins

Prices Division

christopher.jenkins@ons.gsi.gov.uk

Telephone: +44 (0)1633 455474

Categories: House Price Indices, Economy, Prices, Output and Productivity, Price Indices and Inflation, Housing and Households, Housing Market, People and Places

Frequency of release: Monthly

Language: English

Geographical coverage: UK

Geographical breakdown: Region

  • UK house prices increased by 12.1% in the year to September 2014, up from 11.7% in the year to August 2014.

  • House price annual inflation was 12.5% in England, 5.8% in Wales, 7.6% in Scotland and 10.9% in Northern Ireland.

  • House prices continue to increase strongly across the UK, with prices in London again showing the highest growth.

  • Annual house price increases in England were driven by an annual increase in London of 18.8% and to a lesser extent increases in the East (13.4%) and the South East (11.6%).

  • Excluding London and the South East, UK house prices increased by 9.1% in the 12 months to September 2014.

  • On a seasonally adjusted basis, average house prices increased by 0.5% between August and September 2014.

  • In September 2014, prices paid by first-time buyers were 13.3% higher on average than in September 2013. For owner-occupiers (existing owners), prices increased by 11.5% for the same period.

In this release

The ONS House Price Index (HPI), previously published by the Department for Communities and Local Government (DCLG) is a monthly release that publishes figures for mix-adjusted average house prices and house price indices for the UK and its component countries and regions. The index is calculated using mortgage financed transactions that are collected via the Regulated Mortgage Survey by the Council of Mortgage Lenders. These cover the majority of mortgage lenders in the UK.

The HPI statistical bulletin provides comprehensive information on the change in house prices on a monthly and annual basis. It also includes analysis by country, region, type of buyer (first-time buyers and former owner-occupiers) and type of dwelling (new dwelling or pre-owned dwelling). Historical series for all accompanying tables are also available in the data section of this release.

ONS has published Official House Price Statistics Explained (974.4 Kb Pdf) , a guidance document that details the ONS HPI methodology and explains the differences between the different sources of official house price statistics.

Proposed development of a new, definitive house price index - user consultation

The Office for National Statistics; Land Registry; Registers of Scotland and Land & Property Services, Northern Ireland are seeking your views regarding the development of a new, single definitive house price index and how the proposed methodology meets your requirements for official house price data. Further information and a link to the consultation questionnaire are on the ONS website.

A series of user events are being held across the country to provide users with the opportunity to discuss the proposed new index further with producers. Details of the events, along with registration details can be found on the ONS website.

The consultation opened on 7 October and closes on 12 December 2014.

New this month

New house price data for September 2014 are published this month. The monthly and quarterly reference table (3.51 Mb Excel sheet) has been updated to include data for September 2014 and the third quarter of 2014.

Revisions this month

July and August 2014 data have been revised this month to incorporate transactions from those lenders that provide data on a quarterly basis. There are small revisions to the seasonally adjusted series for the last 12 months, which are expected from the monthly seasonal adjustment process.

Revisions next month

No revisions are expected for the October 2014 HPI, apart from the normal revisions to the latest 12 months that follow the monthly seasonal adjustment process.

Data tables

ONS HPI monthly and quarterly reference tables (3.51 Mb Excel sheet) (number 1 to 19). This reference table provides full historical series for the monthly tables accompanying the House Price Index statistical bulletin. This month, tables 1 to 9 have been updated with the latest monthly estimates for September 2014. The seasonally adjusted figures in Table 7 have been revised this month as scheduled. This month, tables 10 to 19 have been updated with the latest data for the third quarter of 2014.

ONS HPI annual tables (1.15 Mb Excel sheet) (number 20 to 39). This reference table contains all the annual live tables. No annual tables have been updated this month. The next set of updates to annual tables will be in March 2015.

ONS weights summary (74 Kb Excel sheet) . This reference table provides a summary of the aggregated mix-adjustment weights used in the production of the HPI for the period 2011 to 2014. The mix-adjustment weights are updated in the February HPI each year.

Content from the Office for National Statistics.
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