UK House Price Index for May 2022

England

In England the May data shows, on average, house prices have risen by 1.3% since April 2022. The annual price 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

Price change by region for England

Repossession sales by volume for England

The lowest number of repossession sales in March 2022 was in the East of England and West Midlands region.

The highest number of repossession sales in March 2022 was in the North West.

Average price by property type for England

Funding and buyer status for England

Building status for England

London

London shows, on average, house prices have risen by 0.2% since April 2022. An annual price rise of 8.2% takes the average property value to £526,183.

Average price by property type for London

Funding and buyer status for London

Building status for London

Wales

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.

There was 1 repossession sale for Wales in March 2022.

Average price by property type for Wales

Funding and buyer status for Wales

Building status for Wales

Access the full UK HPI

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.

The data is accurate. However, this release may be subject to increased revisions as we add more data over the coming months.

Background

1. We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the June 2022 UK HPI at 9:30am on Wednesday 17 August 2022. See calendar of release dates.

2. We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month's UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.

3. The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.

4. Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.

5. Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI f