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House prices, as measured by the UK House Price Index, increased by 15.5% between July 2021 and July 2022. This figure should be treated with caution as prices in July 2021 were affected by a stamp duty holiday becoming less generous. On a seasonally adjusted basis, average house prices increased by 1.2% between June and July 2022.

House prices grew at different rates across the UK’s countries and regions over the year to July 2022. House prices grew fastest in the South West, North West and West Midlands. House price growth was slowest in London, Northern Ireland and Scotland. Data for Northern Ireland are for the year to Quarter 2 2022, rather than the year to July 2022.

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 have fallen since.

Mortgage approvals for house purchases in July 2022 were down 14.4% on a year ago and up 0.9% on June 2022.

There were 63,770 mortgage approvals in July 2022, compared with 74,494 in July 2021.

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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