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Latest Property Data (Sep-21)

UK House Price Index summary: September 2021

UK house prices increased by 11.8% in the year to September 2021, up from 10.2% in August 2021. On a non-seasonally adjusted basis, average house prices in the UK increased by 2.5% between August and September 2021, compared with an increase of 1.1% during the same period a year earlier (August and September 2020).

House price growth was strongest in the North West where prices increased by 16.8% in the year to September 2021. The lowest annual growth was in London, where prices increased by 2.8% in the year to September 2021.

The Royal Institution of Chartered Surveyors’ (RICS) October 2021 UK Residential Market Survey reported buyer demand picking up slightly. The lack of available supply presents buyers with a limited choice and remains a key factor in strong house price growth.

The Bank of England’s Agents summary of business conditions 2021 Q3 reported ongoing strong demand for housing across most of the UK and a shortage of properties for sale, which pushed up prices.

The UK Property Transactions Statistics showed that in September 2021, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 160,950. This is 68.4% higher than a year ago. Between August and September 2021, UK transactions increased by 67.5% on a seasonally adjusted basis, following a record level of transaction numbers in June 2021, and the subsequent reduction which followed in July.

The Bank of England’s Money and Credit September 2021 release reported that mortgage approvals for house purchases (an indicator of future lending) in September 2021 was 72,600, which is down from 74,200 in August 2021.