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House prices, as measured by the UK House Price Index, increased by 9.5% between September 2021 and September 2022. On a seasonally adjusted basis, average house prices increased by 0.1% between August and September 2022.

House prices grew at different rates across the UK’s countries and regions over the year to September 2022. House prices grew fastest in Wales, the South West and the East Midlands. House price growth was slowest in the North East, London and Scotland.

UK house price index

Bank of England data on the number of mortgages approved to finance house purchases are a leading indicator of house sales.

Mortgage approvals for house purchases reached a lockdown-related record low in May 2020. Approvals then increased significantly towards the end of 2020, reaching levels last seen in August 2007. They are now lower.

Mortgage approvals for house purchases in September 2022 were down 7.3% on a year ago and down 10.3% on August 2022.

There were 66,789 mortgage approvals in September 2022, compared with 72,061 in September 2021.

Mortgage approvals

Housing starts and completions fell sharply in Q2 2020 reflecting the coronavirus lockdown. They are now higher.

There were 51,730 house building starts (seasonally adjusted) in England in Q2 2022, a 21% increase compared with the previous quarter, and a 15% increase compared with the same quarter of 2021.

There were 44,940 house building completions (seasonally adjusted) in England in Q2 2022, a 3% increase compared with the previous quarter, and a 6% increase compared with the same quarter of 2021.

Housing completions and starts


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