(not seasonally adjusted)
* Seasonally adjusted figure (note that monthly % changes are revised when seasonal adjustment factors are re-estimated)
“Our regional house price data is produced quarterly and showed a mixed picture across the country in Q3 (the three months to September). While price growth accelerated in Wales, Northern Ireland and Scotland, most English regions recorded a slowdown.
“Wales was the strongest performing region with house prices up 15.3% year-on-year – the highest rate of growth since 2004. Price growth remained elevated in Northern Ireland at 14.3%. House price growth in Scotland picked up to 11.6% in Q3, in contrast to the previous quarter when it was the weakest performing part of the UK (at 7.1%).
“England saw a slowing in annual house price growth to 8.5%, from 9.9% in Q2. Price growth in northern England (North, North West, Yorkshire & Humberside, East Midlands and West Midlands) continued to exceed that in southern England (London, Outer Metropolitan, Outer South East, East Anglia and South West).
“Yorkshire & Humberside was the strongest performing English region for the second quarter in a row, with prices up 12.3% year-on-year, followed by the North West, which saw an 11.4% rise.
“London was the weakest performer, with annual growth slowing to 4.2% from 7.3% last quarter. The surrounding Outer Metropolitan region, which includes places such as Luton, Watford, Sevenoaks and Woking, also saw a softening to 6.8%, down from 8.2% in Q2.
“As we look towards the end of the year, the outlook remains uncertain. Activity is likely to soften for a period after the stamp duty holiday expires at the end of September, given the incentive for people to bring forward their purchases to avoid the additional tax. Moreover, underlying demand is likely to soften around the turn of the year if unemployment rises as government support winds down, as seems likely.
“But this is far from assured. The labour market has remained remarkably resilient to date and, even if it does weaken, there is scope for shifts in housing preferences as a result of the pandemic – such as wanting more space or to relocate – to continue to support activity for some time yet.”
Regions over the last 12 months
|Annual % change this quarter||Annual % change last quarter|
|Yorks & H’side||£188,457||12.3%||13.0%|
|Outer S East||£320,050||9.8%||10.9%|
|UK Fact File (Q3 2021)|
|Quarterly average UK house price||£247,535|
|Annual percentage change||10.3%|
|Most expensive region||London|
|Least expensive region||North|
|Strongest annual price change||Wales|
|Weakest annual price change||London|
* Seasonally adjusted
Nations – annual & quarterly price change
|Annual % change this quarter||Quarterly % change*|
* Seasonally adjusted