England

In England the March data shows, on average, house prices have risen by 0.3% since February 2022. The annual price rise of 9.9% takes the average property value to £297,524.

The regional data for England indicates that:

• the East Midlands experienced the greatest increase in its average property value over the last 12 months with a movement of 12.4%
• London saw the most significant monthly price fall with a movement of -0.9%
• the East Midlands experienced the greatest monthly growth with an increase of 1.2%
• London saw the lowest annual price growth with an increase of 4.8%

Price change by region for England

Repossession sales by volume for England

The lowest number of repossession sales in January 2022 was in the South West.

The highest number of repossession sales in January 2022 were in London, the North East and the North West.

Average price by property type for England

Funding and buyer status for England

Building status for England

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

London

London shows, on average, house prices have fallen by 0.9% since February 2022. An annual price rise of 4.8% takes the average property value to £523,666.

Average price by property type for London

Funding and buyer status for London

Building status for London

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Wales

Wales shows, on average, house prices have risen by 0.4% since February 2022. An annual price rise of 11.7% takes the average property value to £206,395.

There were 4 repossession sales for Wales in January 2022.

Average price by property type for Wales

Funding and buyer status for Wales

Building status for Wales

*Figures for the 2 most recent months are not being published because there are not enough new build transactions to give a meaningful result.

Access the full UK HPI

UK house prices

UK house prices increased by 9.8% in the year to March 2022, down from 11.3% in February 2022. On a non-seasonally adjusted basis, average house prices in the UK increased by 0.3% between February and March 2022, down from an increase of 1.6% during the same period a year earlier (February and March 2021).

The UK Property Transactions Statistics showed that in March 2022, on a seasonally adjusted basis, the estimated number of transactions of residential properties with a value of £40,000 or greater was 114,650. This is 35.7% lower than a year ago (March 2021). Between February and March 2022, UK transactions increased by 2.6% on a seasonally adjusted basis.

House price growth was strongest in the East Midlands where prices increased by 12.4% in the year to March 2022. The lowest annual growth was in London, where prices increased by 4.8% in the year to March 2022.

See the economic statement.

The data is accurate. However, this release may be subject to increased revisions as we add more data over the coming months.

Background

1. We publish the UK House Price Index (HPI) on the second or third Wednesday of each month with Northern Ireland figures updated quarterly. We will publish the April 2022 UK HPI at 9:30am on Wednesday 22 June 2022. See calendar of release dates.

2. We have made some changes to improve the accuracy of the UK HPI. We are not publishing average price and percentage change for new builds and existing resold property as done previously because there are not currently enough new build transactions to provide a reliable result. This means that in this month’s UK HPI reports, new builds and existing resold property are reported in line with the sales volumes currently available.

3. The UK HPI revision period has been extended to 13 months, following a review of the revision policy (see calculating the UK HPI section 4.4). This ensures the data used is more comprehensive.

4. Sales volume data is available by property status (new build and existing property) and funding status (cash and mortgage) in our downloadable data tables. Transactions that require us to create a new register, such as new builds, are more complex and require more time to process. Read revisions to the UK HPI data.

5. Revision tables are available for England and Wales within the downloadable data in CSV format. See about the UK HPI for more information.

6. HM Land Registry, Registers of Scotland, Land & Property Services/Northern Ireland Statistics and Research Agency and the Valuation Office Agency supply data for the UK HPI.

7. The Office for National Statistics (ONS) and Land & Property Services/Northern Ireland Statistics and Research Agency calculate the UK HPI. It applies a hedonic regression model that uses the various sources of data on property price, including HM Land Registry’s Price Paid Dataset, and attributes to produce estimates of the change in house prices each month. Find out more about the methodology used from the ONS and Northern Ireland Statistics & Research Agency.

8. We take the UK Property Transaction statistics from the HM Revenue and Customs (HMRC) monthly estimates of the number of residential and non-residential property transactions in the UK and its constituent countries. The number of property transactions in the UK is highly seasonal, with more activity in the summer months and less in the winter. This regular annual pattern can sometimes mask the underlying movements and trends in the data series. HMRC presents the UK aggregate transaction figures on a seasonally adjusted basis. We make adjustments for both the time of year and the construction of the calendar, including corrections for the position of Easter and the number of trading days in aparticular month.

9. UK HPI seasonally adjusted series are calculated at regional and national levels only. See data tables.

10. The first estimate for new build average price (April 2016 report) was based on a small sample which can cause volatility. A three-month moving average has been applied to the latest estimate to remove some of this volatility.

11. The UK HPI reflects the final transaction price for sales of residential property. Using the geometric mean, it covers purchases at market value for owner-occupation and buy-to-let, excluding those purchases not at market value (such as re-mortgages), where the ‘price’ represents a valuation.

12. HM Land Registry provides information on residential property transactions for England and Wales, collected as part of the official registration process for properties that are sold for full market value.

13. The HM Land Registry dataset contains the sale price of the property, the date when the sale was completed, full address details, the type of property (detached, semi-detached, terraced or flat), if it is a newly built property or an established residential building and a variable to indicate if the property has been purchased as a financed transaction (using a mortgage) or as a non-financed transaction (cash purchase).

14. Repossession sales data is based on the number of transactions lodged with HM Land Registry by lenders exercising their power of sale.

15. For England, we show repossession sales volume recorded by government office region. For Wales, we provide repossession sales volume for the number of repossession sales.

16. Repossession sales data is available from April 2016 in CSV format. Find out more information about repossession sales.

17. We publish CSV files of the raw and cleansed aggregated data every month for England, Scotland and Wales. We publish Northern Ireland data on a quarterly basis. They are available for free use and re-use under the Open Government Licence.

18. HM Land Registry’s mission is to guarantee and protect property rights in England and Wales.

19. HM Land Registry is a government department created in 1862. Its ambition is to become the world’s leading land registry for speed, simplicity and an open approach to data.

20. HM Land Registry safeguards land and property ownership worth in excess of £7 trillion, including over £1 trillion of mortgages. The Land Register contains more than 26 million titles showing evidence of ownership for some 87% of the land mass of England and Wales.

21. For further information about HM Land Registry visit www.gov.uk/land-registry.

22. Follow us on Twitter, our blog, LinkedIn and Facebook.

• Opportunity for locals to find out about the impact on roads and traffic.
• Funding for long-term solution to reinstate the River Derwent flood defences given the go ahead.

The Environment Agency, Derbyshire County Council and Derbyshire Dales District Council are inviting the local community to a drop-in event in Matlock, Derbyshire on 19 May from 2:30pm to 5:30pm.

Locals can find out more about the Environment Agency’s work to restore flood protection in the town and the expected impact on roads and traffic while the work is being carried out.

The event will be held at the Imperial Rooms, Imperial Road, Matlock, DE4 3NL and offers the opportunity for members of the public to speak with the project team.

The green light for funding has now been given for the work to go ahead and is expected to cost between £3.5 million and £5 million. This will benefit over 50 homes and businesses by reinstating the River Derwent flood defences.

These essential works will pave the way for the main construction work due to begin in summer to replace the flood wall behind businesses in Crown Square, Matlock that collapsed after this year’s February storms.

The longer-term work to reinstate the River Derwent flood defences follows a temporary measure that the Environment Agency carried out last month in which 100 2-tonne rock-filled bags were transferred by crane into the River Derwent, adding to the 50 bags that were placed there in February to reduce erosion and limit damage to the Environment Agency flood wall.

Naomi Doughty, Project Manager for the Environment Agency, said:

We look forward to meeting with members of the public at the drop-in event on 19 May and start sharing with them our long-term plans to reinstate the flood protection for Matlock.

We’re expecting to start preparatory work in early June, and this will have some impacts on roads and traffic. The drop-in event provides an ideal opportunity for the local community to find out more about these measures.

We apologise in advance for any disruption caused by these works and we’re grateful for the patience and support of the local community.

The initial cost estimates are between £3.5 million to £5 million due to access being severely restricted which is likely to necessitate a large crane to lift plant and materials into place. These initial cost estimates will be refined as the design process takes shape and more detailed plans are developed.

Following the collapse of a privately owned wall in February this year, the Environment Agency instructed Jackson Civil Engineering to complete an immediate repair by placing over 50 rock-filled bags in the River Derwent using a large crane situated on the A6. These emergency works were completed within 24 hours of the wall collapsing due to a forecast of further high-water levels on the River Derwent.

Further flood prevention work was carried out in April which involved lifting an additional 100 2-tonne rock-filled bags by a large crane situated on the A6 into the River Derwent to reduce erosion and limit damage to an Environment Agency flood wall that sits next to the privately owned wall that has collapsed.

At the same time, a survey team gathered valuable geological information to inform the longer-term engineering solution.

The cohort of scholars from the 2020/21 academic year completed their post-graduate studies in the UK during the first year of the global Covid-19 pandemic.

In his welcome remarks, Hay congratulated the 38 scholars and said:

The 2020/21 Chevening experience was truly like no other. In addition to achieving academic excellence, the scholars had to overcome the challenges of studying during a global pandemic. With the knowledge and experience acquired in the UK, they are now back in Malaysia and contributing to nation-building.

A British education has always been and will continue to be the top choice for students seeking a world class education. This is reflected in the number of Malaysians studying for a British qualification in the UK and in Malaysia.

The Chevening award is the UK Government’s global scholarship programme, funded and administered by the Foreign, Commonwealth & Development Office. This is complemented by generous sponsorships by Malaysian corporate partners including CIMB Group Holdings Berhad, Yayasan Khazanah and the Jeffrey Cheah Foundation. British universities are also providing additional funding in support of the Chevening programme.

The returning batch of Malaysian Chevening scholars from the 2020/21 academic year have graduated from disciplines such as climate change, law, human rights, public policy, arts and journalism. They attended prestigious institutions such as the University of Edinburgh, King’s College London and London School of Economics. They now join the 1,800 strong Malaysian Chevening alumni network.

Scholar Fadlynna Ilyani Zulkarim, who attended University of Westminster to obtain an MA in Media, Campaigning and Social Change said:

Even though most of my post-graduate academic experience was online, I still made great connections with fellow Chevening scholars from Malaysia and all over the world. Being the ‘pandemic batch’ gave us a Chevening year like no other and the international Chevening community had a special bond as we made the most of our situation. We came back to our countries with a Master’s degree and a life experience that made us tougher to face whatever that comes our way in the future.

Perak scholar Edmund Ross Williams Hunt who completed an MA in Musical Theatre from Goldsmiths, University of London said:

Chevening allowed me to study musicals in the world’s theatre capital, giving me greater access to the best West End shows, which has been a lifelong dream of mine. Through a combination of formal and informal learning, I was able to hone my practical skills and expand my creative abilities, thanks to this scholarship. In a diverse cultural environment, I had the opportunity to work with various talents and learn from some of the best in the business. Furthermore, this scholarship proved that I, as a member of a minority group, could have the potential to succeed academically.

Scholar Tengku Muhd Muzaffar Bin Tengku Muda from Terengganu completed a Master’s in Finance at the Lancaster University said:

2021 was indeed a tough year for most if not all. It has unleashed our true potential to strive and survive in the new setting. We learned to appreciate the opportunities more, to enjoy the lessons and engagement with college mates, the Chevening network and local communities. On top of that, the experience of exploring nature and culture was unforgettable too. I brought home nothing but beautiful memories I must say.

Green trade is crucial to growing the UK’s economy, achieving net zero and driving our future prosperity, the International Trade Secretary will say today (18 May).

In a speech at Bloomberg, Anne-Marie Trevelyan will set out the UK’s pioneering role in harnessing trade to combat climate change, and how driving renewable energy can cut reliance on Russian oil and gas and reinforce the UK’s energy security.

The UK’s green economy is projected to grow by 11% per year out to 2030, and by 2050 over 1.2 million people could be directly employed in low-carbon goods and services sectors – a six-fold increase from today.

The International Trade Secretary will also announce a new Green Trade and Investment Expo in the North East this autumn, hosted alongside the Department for Business, Energy and Industrial Strategy. The Expo will bring together UK businesses and global investors to capitalise on the commercial opportunities from our drive to net zero.

This will build on the £9.7 billion of investment secured for UK offshore wind, hydrogen and electric vehicles at the Global Investment Summit last year.

International Trade Secretary, Anne-Marie Trevelyan will say:

This terrible conflict in Ukraine has underlined what can be achieved through a cohesive global approach. It has also reminded the globe that we must de-Putinise the world’s economy.

We are doing this through sanctions, and by cutting off access to the oil revenues that power his war machine. That’s why here in the UK, we have announced we will phase out imports of Russian oil and gas.

These past months have highlighted the need to accelerate our journey as a global community away from hydrocarbons. To decisively turn our backs on the era of dependence on polluting fuels, and transition to a Net Zero future.

Trevelyan will also today announce a £138 million loan guarantee for electric power manufacturer Megger, supported by UK Export Finance, the government’s Export Credit Agency. The loan will help them in building a new £15 million factory, helping boost exports worldwide and support 350 UK jobs.

Megger provides the electric testing equipment for the UK’s power grid to help keep the country’s lights on. This in turn is supporting the transition to renewable power which is vital our net zero ambition.

Megger Group’s Chief Financial Officer, Jeremy Simpson, said:

UKEF has recognised that Megger is a growing company based in the UK, that designs and makes high value-added products with strong global exports, and growth prospects in new markets.

The UKEF loan guarantee will help us to invest in more smart electricity technologies, to help grid operators with their aims to increase efficiency and save them and consumers money.

Today, the International Trade Secretary will also announce a £50 million UK Export Finance-backed loan guarantee for construction company Mace to bolster its growing export business.

The loan includes sustainability targets to incentivise the company’s transition to net zero and green growth. It will enable Mace to continue supporting environmentally friendly infrastructure projects and create new, green jobs.

Mace’s Chief Financial Officer, Richard Bienfait, said:

We are delighted to be entering into this agreement with UK Export Finance, which will support our growth overseas and our important sustainability priorities. Mace is committed to ensuring that we do everything we can to pursue a sustainable world – and this landmark financing arrangement reflects that ambition.

Green trade presents a major opportunity for the UK, creating high-value jobs in the low-carbon economy and fuelling technological innovations that can be exported worldwide.

The global market for low-carbon exports is projected to reach almost £2 trillion by 2030, and in her speech, Trevelyan will set out how the UK can take advantage and “reap the rewards of global green growth”.

The International Trade Secretary will continue:

Delivering net zero is not just in the world’s environmental interest but it is in our economic interest too.

The financial case for green trade is very clear. The global market for low-carbon exports is growing rapidly. By 2030, it’s projected to be worth almost £2 trillion.

A potent combination of ambitious entrepreneurs, high ambitions and steadfast and determined government backing, has put the UK in a leading position to take a first mover advantage here.

This translates into some exciting opportunities for us. Quite simply – green trade spells green jobs.

Business and Energy Secretary Kwasi Kwarteng said:

Now more than ever we need innovators, wealth creators and risk-takers to invest their billions into new British industries to create hundreds of thousands of jobs and shore up our energy security – all the more important as Putin wages his illegal war in Ukraine.

With investment opportunities worth up to £100 billion up for grabs, our Expo later this year will fly the flag for Britain as we look to accelerate our plans to generate more home-grown clean energy and boost British manufacturing.