House prices: biggest risers and fallers revealed

A look at what’s happening to house prices across England and Wales, using exclusive analysis from the Homeowners Alliance campaign group.

Feeling a bit lost with the myriad of house price indices each offering a different take on the state of play in the UK? 

The Homeowners Alliance House Price Watch looks at all of the information from the various indices out there to give you one easy to digest round-up of everything you need to know.

Looking to buy or move home? Search for a cheaper mortgage today.

What's happening to house prices?

House prices are unchanged (0.0%) on average in the past month and up on average 2.9% in the past year.  

The major indices report the following monthly shifts in house prices:

  • Land Registry (-0.5%) reports a fall in house prices;
  • Nationwide (0.1%) and Halifax (0.5%) report a rise in house prices;
  • LSL (0.0%) reports no change to house prices;
  • Rightmove (-0.8%) reports a fall in asking prices;
  • Land Registry and LSL reflect October house price data, while other indices reflect November figures.

UK home sales are up in October

UK home sales are up 1.7% between September and October 2017.  Transactions are 9.2% higher than October 2016. (Source: HMRC seasonally adjusted figures)

Mortgage approvals for house purchases are weaker in October

While homes sales were up in October, mortgage approvals, a leading indicator of completed house sales, are down 2.3% between September and October.  There are 64,575 mortgage approvals for home sales in October and 66,111 mortgage approvals for house sales in September (66,111). (Source: Bank of England seasonally adjusted figures)

What’s happening in your area?

House prices are down in many parts of the country last month: North West (-2%), Yorkshire & Humber (-1.1%), London (-0.9%), North East (-1.1)

The East Midlands (7.0%), South West (6.7%) and East of England (6.1%) are experiencing the fastest rates of annual house price growth, while London (2.1%) and the North East (2.4%) are experiencing the slowest rates of annual house price growth.

The Homeowners Alliance said: “Annual house price growth continues its slowing trend and looks set to continue.  While there was strong housing activity in October, increasing affordability pressures as inflation outstrips wage growth is likely to have a dampening effect on demand a continuing slower pace of house price growth.”

What the indices say

Nationwide 

“Low mortgage rates and healthy rates of employment growth are providing support for demand but this is being partly offset by pressure on household incomes which appears to be weighing on confidence. The decision in the Budget to abolish Stamp Duty for first time buyers purchasing a property up to £300,000 is likely to have only a modest impact on overall demand as many first time buyers already paid little or no Stamp Duty.”

Halifax

“The imbalance between supply and demand continues to support house prices which doesn’t look like changing in the near future.  Further ahead, increasing affordability issues, as price increases continue to outstrip wage growth are likely to curb housing demand and cause price growth to ease. We do expect the Government’s first-time buyer Stamp Duty changes to provide some stimulus to demand, particularly in London and the South East where the impact is greatest.”

Rightmove

“Increasingly stretched buyer affordability exacerbated as intended by tighter lending criteria and increased Stamp Duty for second homeowners is taking its toll on upwards price pressure.”

This article is updated monthly using exclusive Homeowners Alliance data.

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